Asahi shares mark weekly slide after cyberattack halts production
LONDON - Nostrum Oil & Gas Finance B.V., a wholly-owned subsidiary of Nostrum Oil & Gas PLC, announced Tuesday it will launch a consent solicitation to address an Event of Default triggered by missed interest payments on its outstanding notes due on June 30, 2025.
The company is seeking noteholder approval to waive the default on its USD 5.00% Senior Secured Notes due 2026 and USD 1.00%/13.00% Senior Unsecured Notes due 2026, according to a press release statement.
The missed payments stem from pending regulatory licenses required to process payments through clearing systems for sanctioned bondholders and/or custodians not affiliated with the company. Nostrum emphasized that the delay "does not reflect any issue of the Parent’s or Issuer’s solvency or liquidity" and that funds for the interest payments are "available and secured."
Eligible noteholders who vote by the early deadline will receive consent fees of 0.5% for secured notes and 0.25% for unsecured notes, with lower fees offered for those voting after the deadline.
The consent solicitation requires approval by 75% in principal amount of each series of notes or by 75% of those attending a quorate meeting, as these are classified as Reserved Matters under the notes’ conditions.
Nostrum has $244.37 million in senior secured notes and $428.43 million in senior unsecured notes outstanding. The company now intends to make interest payments upon receipt of regulatory approvals rather than outside clearing systems as previously considered.
The company expects the regulatory approval process to take "a number of weeks" with decisions at the discretion of relevant authorities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.