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Russia’s O1 extends bid to avert change-of-control option by one month
By Susanna Moon
Chicago, Sept. 10 – O1 Properties Finance plc said it is extending the consent solicitation for its $350 million of 8¼% notes due 2021 guaranteed by O1 Properties Ltd.
As announced Aug. 21, the company is soliciting consents to avoid making a change-of-control offer under the 8¼% notes.
The consent solicitation will now continue until 11 a.m. ET on Oct. 18 and the noteholders meeting has been rescheduled for 11 a.m. ET on Oct. 22, according to an announcement.
The consent solicitation was originally set to end at 11 a.m. ET on Sept. 10. The meeting had originally been set for Sept. 12.
The consent fee will be $30 per $1,000 principal amount.
Originally, the company offered an early consent fee of $30 per $1,000 principal amount of notes if votes were cast in favor of the proposal by 11 a.m. ET on Aug. 30. The late consent fee was to be $15 per $1,000 principal amount.
As previously announced, Riverstretch Trading & Investments Ltd., a company based in Cyprus, acquired 70.038% of class A and 58.391% of class B voting stock of the parent guarantor on July 4, which constitutes a change of control under the note terms.
If a change of control occurs, the issuer is required to offer to repurchase the notes at 101, but it may lack the funds to do so and is asking holders for approval to waive or modify that obligation.
“The new shareholder is currently conducting operational and financial due diligence on the parent guarantor and its subsidiaries, including the issuer, and the relevant exercise is ongoing,” the company said.
The issuer is expected to continue paying interest on the notes, the previous release added.
The solicitation agents are JSC Sberbank CIB (+7 495 787 2363 or liability_management@sberbank-cib.ru) and Sberbank CIB (UK) Ltd. (+44 20 7936 0412 or daria_valkova@sberbank-cib.ru). The information and tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or O1properties@lucid-is.com).
The issuer is a subsidiary of investment company O1 Properties Ltd., which is based in Moscow.
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