Raytheon awarded $71 million in Navy contracts for missile systems
LONDON - Nostrum Oil & Gas Finance B.V., a wholly-owned subsidiary of Nostrum Oil & Gas PLC, has failed to make interest payments on its outstanding notes that were due on June 30, 2025, according to a company press release issued Tuesday.
The company attributed the delay to "payment administration issues" that prevent it from making payments through clearing systems without additional regulatory licenses related to sanctioned bondholders and custodians. Nostrum emphasized that the delay does not reflect any solvency or liquidity problems, stating that all funds for the interest payments are available and secured.
The affected securities include USD 5.00% Senior Secured Notes due 2026 with an outstanding amount of $244,372,000 and USD 1.00%/13.00% Senior Unsecured Notes due 2026 with approximately $456,279,196 outstanding.
To address the situation, Nostrum plans to seek regulatory licenses and launch a consent solicitation to noteholders. The proposed measures would allow interest payments to be made outside clearing systems and waive any defaults resulting from the delayed payments.
The consent solicitation will require approval by 75% in principal amount of the notes or by 75% of those attending a quorate meeting, with each series voting separately.
The company expects the regulatory license application and approval process to take several weeks, with outcomes dependent on relevant authorities. Noteholder meetings will be scheduled with at least 21 days’ notice for initial meetings and 7 days for any adjourned meetings, though this timeline could be shortened if 75% of noteholders approve the extraordinary resolution terms.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.