Russia’s Lukoil reports results of consent solicitation meetings

By Mary-Katherine Stinson

Lexington, Ky., Sept. 29 – PJSC Lukoil reported the results of its meetings regarding consent solicitations for five notes, according to multiple announcements.

As previously reported, the consent solicitations are for two separate extraordinary resolutions that need approval, one for the trustee appointment and the second for the amendments and waivers, and cover the following notes:

• $1.5 billion 4.563% notes due 2023 (ISIN: XS0919504562, US549876AH32) issued by Lukoil International Finance BV and guaranteed by Lukoil;

• $1 billion 4¾% notes due 2026 (ISIN: XS1514045886, US549876AL44) issued by Lukoil International and guaranteed by Lukoil;

• $1.15 billion 2.8% notes due 2027 (ISIN: XS2401571448, US549875AA06) issued by Lukoil Capital DAC and guaranteed by Lukoil;

• $1.5 billion 3 7/8% notes due 2030 (ISIN: XS2159874002, US54988LAB27) issued by Lukoil Securities BV and guaranteed by Lukoil; and

• $1.15 billion 3.6% notes due 2031 (ISIN: XS2401571521, US549875AB88) issued by Lukoil Capital and guaranteed by Lukoil.

The extraordinary resolution was passed to use i2 Capital Trust Corp. Ltd. as the trustee, replacing Citicorp Trustee Co. Ltd., for all five series of notes at the Sept. 28 meetings and was effective immediately.

The amendments extraordinary resolution would introduce alternative payment mechanics, a simplified procedure of the notes’ cancellation and would enact waivers from noteholders based on problems from sanctions.

The amendments and waivers resolution passed regarding the 2030 notes and was effective immediately.

The meetings were adjourned for lack of a quorum regarding the 2023, 2026, 2027 and 2031 notes and the amendments and waivers did not pass for these notes.

The adjourned meetings will be reconvened at 11 a.m. ET on Oct. 13 to consider the proposals.

There must be a quorum of two or more noteholders holding 25% of the outstanding principal to consider the proposals and it must be passed by a majority of at least 75% of the votes cast.

i2 Capital Trust Corp. is the information and tabulation agent (lukoilconsent@i2capmark.com, https://i2capmark.com/event-details/ 78/Holder/lukoil-consent).

Questions can also be directed to the company at ir@lukoil.com.

The oil and gas company is based in Moscow.

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