Nostrum Oil reschedules solicitation meeting for holders of two notes

Chicago, Dec. 12 – Nostrum Oil & Gas plc rescheduled a meeting for noteholders relating to a consent solicitation for two notes due 2026, according to a notice.

The adjourned meeting will now take place at 4 a.m. ET on Dec. 19 at White Case LLP’s office in London. The meeting has been rescheduled because a quorum was not achieved at the first meeting.

The purpose of the meeting is to pass the extraordinary resolutions for proposed amendments for the notes.

The subject notes are the $250 million of 5% senior secured notes due 2026 (Cusips: N64884AF1, 66978CAF9) and the $362,648,402 1%/13% senior notes due 2026 (Cusips: N64884AE4, 66978CAD4). Both notes list wholly owned subsidiary Nostrum Oil & Gas Finance BV as issuer.

The amendments are designed to permit the investment of cash from the parent into certain investment products approved by the board of directors of the parent to give the issuer greater flexibility to make investments in cash equivalents to receive higher returns and amend the warrant instrument such that the parent would not require further consent from the warrant holders to delist its shares from the Astana International Exchange.

The quorum at each adjourned meeting needs holders representing at least 33.33% of the relevant notes and 75% of those votes cast in favor for the extraordinary resolutions to pass.

Proxy votes are due by Dec. 15 to the information and tabulation agent.

The consent solicitation was announced on Nov. 20.

The original meeting was scheduled for Dec. 12.

The information and tabulation agent is GLAS Trust Co., LLC (201 839-2200, TMGUS@glas.agency, clientservices.usadcm@glas.agency).

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.