NOSTRUM OIL & GAS PLC announces signing second forbearance agreement

20.05.21 12:44
/KASE, May 20, 2021/ – NOSTRUM OIL & GAS PLC (United Kingdom), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated May 19, 2021: quote Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or "the Company"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces that the Company and certain of its subsidiaries have entered into a second forbearance agreement (the “Second Forbearance Agreement”) with members of an informal ad hoc committee of noteholders. The forbearance period expires at 4 p.m. GMT on 21 June 2021 unless extended in accordance with the terms of the Second Forbearance Agreement. Holders in excess of 49 per cent of the aggregate principal amount of Nostrum’s 8.0% Senior Notes due 2022 and in excess of 47 per cent of its 7.0% Senior Notes due 2025 issued by Nostrum Oil & Gas Finance B.V. (the “Notes”) have entered into the Second Forbearance Agreement. Under the terms of the original forbearance agreement, certain holders of the Notes agreed to forbear from the exercise of certain rights and remedies under the indentures governing the Notes. The agreed forbearances included agreeing not to accelerate the Notes' obligations as a result of certain missed interest payments. A substantial number of additional holders acceded to the original forbearance agreement following an invitation to accede thereto. However, that agreement has now reached its longstop date and has automatically lapsed. The Second Forbearance Agreement is substantially similar to the original forbearance agreement The restructuring work is progressing, and the Company will make further announcements when appropriate. unquote The full press release is available on: - – in Russian; - – in English. [2021-05-20]