Street Calls of the Week
LONDON - Nostrum Oil & Gas Finance B.V., a wholly-owned subsidiary of Nostrum Oil & Gas PLC, announced Tuesday that it has received mixed results in its consent solicitation related to a missed interest payment on its outstanding notes.
The company launched the consent solicitation after failing to pay accrued interest due by June 30, 2025, which constituted an "Event of Default" under the terms of its notes.
According to a company press release, holders of the senior secured notes approved the extraordinary resolution with over 75% support, meaning no further meeting will be required for this class of notes.
However, the senior unsecured noteholders provided between 60% and 75% approval, falling short of the threshold needed for immediate passage. While this is insufficient for approval at the initial stage, the company noted there would be a quorum at any adjourned meeting where the resolution could then pass.
Nostrum stated that noteholders can continue to vote to receive a late consent fee, and implementation of the extraordinary resolutions remains conditional on approval from holders of each series of notes, unless waived by the issuer.
The affected notes include those with ISIN numbers USN64884AF16, US66978CAF95, USN64884AE41, and US66978CAD48.
The company attributed the delayed interest payment to "third party issues" without providing specific details about the nature of these issues or when payments might resume.
A detailed results announcement regarding the consent solicitation is available on the company’s website.
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