BAKU, Azerbaijan, July 4. Kazakhstan’s Energy Ministry has approved the restructuration plans of Nostrum Oil & Gas PLC, Trend reports citing the company.
The company proposed restructuring of the Group’s $725 million 8 percent Senior Notes due July 2022 and $400 million 7 percent Senior Notes due February 2025, in each case issued by Nostrum Oil & Finance B.V.
A condition to the Restructuring was the receipt of consent of the Kazakhstan’s Ministry of Energy with respect to:
- the issue of new shares and warrants (in partial repayment of the Existing Notes) and
- the waiver of the State of Kazakhstan’s priority right to acquire such new shares and warrants.
Earlier today, the Company received the required Ministry’s consent, which is the key regulatory consent required in Kazakhstan for completion of the restructuring.