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Sibur announces success of consent bid for 4 1/8% notes due 2023
By Marisa Wong
Los Angeles, Nov. 8 – Sibur Securities DAC announced the remaining results of its Oct. 21 consent solicitation for three series of notes, according to a notice on Tuesday.
The company was soliciting consents, as previously reported, for its $162.16 million outstanding 4 1/8% guaranteed notes due 2023, $368,668,000 outstanding 3.45% guaranteed notes due 2024 and $427 million outstanding 2.95% guaranteed notes due 2025.
On Tuesday Sibur gave notice that holders of more than 50% of the outstanding 2023 notes consented to the proposals set out in the payment mechanics written resolution.
Accordingly, the proposals became effective and binding on all noteholders on Nov. 7.
Previous results
Results were announced on Nov. 2 for the 2024 notes and the 2025 notes.
As reported, the solicitation was two-fold. The Russian company was seeking to amend the payment mechanics in light of international sanctions and waivers of any potential breaches on the notes due to non-payment of coupons in October and September due to technical reasons.
Holders of the 2024 notes and 2025 notes consented, and the written resolutions became binding on all holders, for the payment mechanics – with holders representing more than half the notes consenting.
As of the approval deadline on Nov. 1, the company did not have the 75% threshold for the waiver written resolution for the 2024 notes.
The approval deadline was not extended, and the respective waiver proposals did not become operative.
Written resolutions were due by Oct. 26.
i2 Capital Markets Ltd. is the information and tabulation agent (+44 203 633 1212, sibur@i2capmark.com, https://www.i2capmark.com).
Sibur is an integrated petrochemicals company based in Moscow. All of the notes are guaranteed by parent PJSC Sibur Holding.
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