Global Ports solicits consents for 6½% guaranteed notes for sanctions

Chicago, Aug. 26 – Global Ports (Finance) plc started a consent solicitation for its $350 million issue of 6½% guaranteed notes due 2023 (ISIN: XS1405775450), according to a notice.

There are $297,975,000 of the notes outstanding.

The notes are guaranteed by Global Ports Investments plc, First Terminal Container Inc., JSC and Vostochnaya Stevedoring LLC.

In light of international sanctions, first from the United States, the European Union and the United Kingdom, and then restrictions later introduced by Russia, the issuer is soliciting consents to ensure equal treatment of all noteholders to receive punctual coupon and/or principal payments.

The company seeks to replace the original trustee with i2 Capital Trust Corp. Ltd. as BNY Mellon Corporate Trustee Services Ltd. is no longer able to act as trustee pursuant to the trust deed.

Additionally, should a new trustee be needed in the future, the issuer wishes to modify the substitution provisions, if needed, for the appointment of a new trustee should there be further sanctions. The amendment would allow for the appointment of a new trustee by way of written resolution from holders representing at least 25% of the notes outstanding.

The amendments introduce new payment mechanics, including alternative currency and an alternative payment option.

In light of the uncertainty around processing cross-border payments, Global Ports also wishes to double the grace period timeline.

The extraordinary resolutions must be passed by noteholders representing more than three-quarters of the outstanding notes.

Full copies of the consent solicitation, including other parts of this particular consent solicitation, can be found at https://www.i2capmark.com/event-details/ 75/Holder/global-ports-%28finance%29-plc.

Valid voting instructions are due by Sept. 12.

The information and tabulation agent is i2 Capital Markets Ltd. (globalports@i2capmark.com).

Global Ports is the leading operator of container terminals in the Russian market by capacity and container throughput.

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