Russia's Novorossiysk Port solicits consents for $300 million 7% notes

By Susanna Moon

Chicago, Nov. 12 - Novorossiysk Port Capital SA said it is seeking noteholder approval to amend its $300 million of 7% loan participation notes due 2012 at a meeting on 10 a.m. ET on Dec. 6.

The notes were issued to fund a loan to PJSC Novorossiysk Commercial Sea Port.

Holders will be asked to approve waiving the breach of the consolidated leverage ratio and their right to put the notes as a result of a change of control.

The company said it is proposing to acquire 100% of the participatory interests in Primorsk Trade Port LLC from Omirico Ltd. Some of the funding for the buyout would come from new bank loans.

If the resolution passes, holders who voted in favor of it will receive a consent fee of $12.50 for each $1,000 principal amount of the notes.

Novorossiysk is a port for Russian crude oil exports.

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