Russia's Otkritie to seek consents to amend 10% loan participation notes

By Jennifer Chiou

New York, July 22 – Otkritie Financial Corp. Bank (formerly Nomos-Bank) announced an Aug. 15 meeting in London at which it will ask holders of its 10% loan participation notes due 2019 to approve an extraordinary resolution amending the trust deed for the notes.

According to a filing with the London Stock Exchange, the bank is looking to approve amendments to the subordinated loan agreement, inserting, among other things, write-down event terms.

Specifically, the amendment will have the following inserted:

“From and including any date on which the principal amount of the subordinated loan is reduced pursuant to Clause 12 (Write Down) of the subordinated loan agreement, the principal amount of each of the notes shall automatically be reduced in a proportion equal to the proportion by which the principal amount of the loan was so reduced without any payment being made to noteholders in respect thereof, which proportion of principal shall cease to be payable to noteholders and shall not accrue any further interest.”

The quorum required at the meeting is two or more holders representing no less than 75% of the outstanding notes.

BNY Mellon Corporate Trustee Services Ltd. is the trustee.

Otkritie Capital International Ltd. is the solicitation agent (44 207 8268200 or settlement@otkritie.com). The Bank of New York Mellon is the principal paying agent (44 1202 689644 or debtrestructuring@bnymellon.com).

The financial company is based in Moscow.

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