Consent solicitation results at early consent date
Issuer defaulted on interest payments; consent solicitation for senior secured notes passed over 75%, senior unsecured notes at 60%+ but below threshold.
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As announced previously, Nostrum Oil & Gas Finance B.V. (the "Issuer"), a wholly-owned subsidiary of Nostrum Oil & Gas PLC (the "Parent"), was required by 30 June 2025 to have paid accrued interest in accordance with the terms and conditions of the Issuer's outstanding notes with ISIN USN64884AF16, US66978CAF95, USN64884AE41 and US66978CAD48 (the "Notes"). The Notes are guaranteed by, among other entities, the Parent. As the Issuer did not pay the due interest in accordance with the terms and conditions of the Notes, such default has become an "Event of Default" (as defined in the conditions of the Notes) and the Issuer launched a consent solicitation with respect to such Event of Default.
As of the early consent deadline, the results of the consent solicitation are as follows:
In respect of the senior secured notes, the extraordinary resolution has been passed by over 75% in aggregate principal amount of the senior secured notes and has therefore been adopted and no meeting will be held in respect of the senior secured notes.
In respect of the senior unsecured notes, in excess of 60% but under 75% in aggregate principal amount of the senior unsecured notes voted in favour of the extraordinary resolution. At this stage, the extraordinary resolution in respect of the senior unsecured notes has not passed and there would be no quorum at the relevant initial noteholder meeting, however, subject to any further votes, there would be a quorum at the applicable adjourned meeting and the extraordinary resolution would pass.
In respect of each series of Notes, holders can continue to vote in order to receive the late consent fee.
Unless waived by the Issuer, the implementation of the extraordinary resolutions are conditional on each series of Notes passing the applicable extraordinary resolution.
Timing
A results announcement with respect to the consent solicitation is available on the Parent's website: www.nostrumoilandgas.com and can also be accessed using the link below.
The Parent thanks holders of the Notes for their support and participation in resolving these third party issues that are delaying the interest payment due on the Notes.
Download: https://wp-nostrumoilandgas-new-2020.s3.eu-west-2.amazonaws.com/media/2025/09/CONSENT-SOLICITATION-RESULTS-AT-EARLY-CONSENT-DEADLINE.pdf
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.