Sibur has approval for payment mechanics, but not waiver on 2023 notes

Chicago, Nov. 11 – Sibur Securities DAC announced half the results on its two-fold consent solicitation for its $162.16 million outstanding 4 1/8% guaranteed notes due 2023 on Nov. 8 and then the second half on Nov. 10, according to notices on those days.

The company was soliciting consents to amend the payment mechanics, which was a previously reported success.

However, in respect to the waiver written resolution, Sibur failed to achieve the 75% threshold and the respective threshold has not become effective.

The company has chosen not to extend the approval deadline related to the notes.

Background

The company was soliciting consents, as previously reported, for its $162.16 million outstanding 4 1/8% guaranteed notes due 2023, $368,668,000 outstanding 3.45% guaranteed notes due 2024 and $427 million outstanding 2.95% guaranteed notes due 2025.

Results were announced on Nov. 2 for the 2024 notes and the 2025 notes.

As of the approval deadline on Nov. 1, the company also did not have the 75% threshold for the waiver written resolution for the 2024 notes.

i2 Capital Markets Ltd. is the information and tabulation agent (+44 203 633 1212, sibur@i2capmark.com, https://www.i2capmark.com).

Sibur is an integrated petrochemicals company based in Moscow. All of the notes are guaranteed by parent PJSC Sibur Holding.

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