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Published on 9/19/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Gaz Capital gets consents to amend loan participation notes due 2027

By Marisa Wong

Los Angeles, Sept. 19 – Russia’s Gaz Capital SA completed the Aug. 11 consent solicitation for its $750 million outstanding 4.95% series 41 loan participation notes due 2027 (ISINs: XS1585190389, US368266AV45), according to an announcement on Monday.

At the meeting held on Sept. 16, the extraordinary resolution in favor of the proposals was passed, and the amendments were carried out on the same date.

As a result, removal of Deutsche Bank Trust Co. Americas as the trustee and appointment of i2 Capital Trust Corp. Ltd. as the trustee have become effective.

The consent solicitation expired at noon ET on Sept. 14, extended from an original deadline of 11 a.m. ET on Aug. 31. The meeting was originally set for Sept. 2 but adjourned to Sept. 16 due to lack of quorum.

The consent fee for the consent solicitation is €3.50 per €1,000 note. Initially, the fee was $3.50, to be paid in U.S. dollars, but the payment was modified on Aug. 17.

i2 Capital Markets Ltd. is the solicitation, information and tabulation agent (+44 20 3633 1212, gazprom@i2capmark.com, https://iscapmark.com/event-details/ 71/Holder/gaz-capital-s.a).

Moscow-based Gazprom is Russia’s largest state-owned energy company.


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