Nostrum Oil completes restructuring; notes exchanged, converted into shares

By Wendy Van Sickle

Columbus, Ohio, Feb. 9 – Nostrum Oil & Gas plc completed the restructuring of the company, according to an announcement.

The restructuring was announced on Dec. 23. The related lock-up and forbearance arrangements have been terminated, the company reported.

The restructuring entailed exchanging a portion of the group’s legacy notes for a pro rata allocation of new notes, comprising $250 million of new senior secured notes and $300 million of senior unsecured notes.

The remainder of the company’s note debt was converted into fully paid ordinary shares, resulting in noteholders holding 88.89% of the enlarged share capital of the company.

The company also issued new warrants, to be held by a warrant trustee on behalf of the holders of the senior unsecured notes, exercisable in full by a majority of the noteholders upon the occurrence of certain events to increase their holding of the enlarged share capital of the company to 90%.

The restructuring also made certain governance and cashflow changes.

Nostrum is an oil and gas company with operations in Kazakhstan and offices in London and Amsterdam.

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