Sibur gets consents from 2023, 2025 noteholders at adjourned meeting

By Marisa Wong

Los Angeles, Oct. 4 – PJSC Sibur Holding subsidiary Sibur Securities DAC announced the success of the adjourned meeting held Tuesday related to its Aug. 29 consent solicitation, according to a notice.

The adjourned meeting was for two of the three series involved in the consent solicitation. The extraordinary resolution at the adjourned meeting was passed for both series, namely the 2023 notes and 2025 notes.

As previously reported, the subsidiary had conducted a consent solicitation for the following three series of notes guaranteed by the parent company:

• $307,977,000 outstanding 4 1/8% guaranteed notes due 2023 (ISINs: XS1693971043, US825795AA56);

• $497 million outstanding 3.45% guaranteed notes due 2024 (ISINs: XS2010044621, US825795AB30); and

• $483 million outstanding 2.95% guaranteed notes due 2025 (ISINs: XS2199713384, US825795AC13).

The company solicited consents to modify the notes and grant certain waivers to address international sanctions and provide equal treatment to all noteholders.

At the meeting held on Sept. 20, a resignation and appointment extraordinary resolution was passed by holders of all three series. An extraordinary resolution pertaining to limitation on debt that was only pertinent to the 2023 notes was also passed. An extraordinary resolution containing other amendments was passed by holders of the 2024 notes, but the portion of the meeting for that resolution was adjourned for lack of quorum in relation to the 2023 and 2025 notes.

All of the extraordinary resolutions have now been passed and have become effective.

No consent fee will be payable with respect to the consent solicitation.

i2 Capital Markets Ltd. is the information and tabulation agent (+44 20 3633 1212, sibur@i2capmark.com, https://www.i2capmark.com/event-details/ 76/Holder/sibur-securities-dac-consent-solicitation).

Sibur is an integrated petrochemicals company based in Moscow.

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