Bulgaria’s Petrol adjourns meeting to amend 8 3/8% notes due 2022

By Sarah Lizee

Olympia, Wash., Aug. 25 – Petrol AD adjourned a meeting of noteholders to consider a proposal to amend its €18,659,000 8 3/8% guaranteed notes due 2022 (ISIN: XS0271812447) to 5 a.m. ET on Sept. 9, due to lack of a quorum.

The notes are guaranteed by Elit Petrol – Lovech AD.

The original meeting was set for 5 a.m. ET on Aug. 25.

Among other things, the issuer is proposing to amend the notes as follows:

• Unless previously redeemed or purchased and cancelled, the issuer will redeem the notes at their principal amount on Jan. 26, 2027;

• The notes will not be optionally redeemable prior to Jan. 26, 2027;

• The notes will bear interest from and including the issue date at 7˝%, and from the effective date, which is Sept. 10, 2020, to Jan. 26, 2027 at 4.24%;

The quorum at the adjourned meeting required to pass the extraordinary resolution is two or more noteholders or proxies or representatives holding or representing in the aggregate not less than 25% in principal amount of the notes for the time being outstanding.

To be passed, the extraordinary resolution requires a majority in favor consisting of not less than 75% of the persons voting.

The consent solicitation agent is Adamant Capital Partners AD (+ 359 2 422 5992, solicitation@acp.bg).

The tabulation agent is Bank of New York Mellon, London Branch (debtrestructuring@bnymellon.com).

Sofia, Bulgaria-based Petrol is a fuel distributor.

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