NOSTRUM OIL & GAS PLC issues statement in response to recent media reports regarding terms of the company's bond restructuring

21.12.21 15:11
/KASE, November 21, 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 December 21, 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, notes the recent media speculation regarding the terms of a potential financial restructuring of the Company's US$725 million 8.0% Senior Notes due July 2022 and/or its US$400 million 7.0% Senior Notes due February 2025 (the "Existing Notes"). Since entry into a forbearance agreement with an informal ad hoc noteholder group (the "AHG") in October 2020 (and during the term of a second forbearance agreement signed in July 2021), the Company has engaged in discussions with the AHG and its advisors with the aim of reducing its indebtedness, extending debt maturities and lowering the Group's cost of funds. The Company notes that discussions with the AHG on the principal terms of the proposed restructuring of the Existing Notes, include a material reduction in continuing financial indebtedness and the implementation of a debt for equity swap which would see existing shareholders having a significantly reduced stake in the Company's share capital. However, no definitive documentation in respect of the implementation of such a restructuring has been agreed with relevant stakeholders. The Company further notes that the terms of the current Forbearance Agreement will expire at 11:59 p.m. (GMT) on 24 December 2021 unless further extended by all members of the AHG. The restructuring work is progressing, and the Company will make further announcements when appropriate. unquote The complete press release is available on: - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_211221_1.pdf – in Russian; - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_211221_eng_1.pdf – in English. [2021-12-21]