Bonds
Publicly traded bonds
Outstanding bond issues as at 9 February 2023 for Nostrum Oil & Gas PLC are detailed in the following table:
| Title | Settlement | Currency | Amount (m) | Coupon | PIK | Listing | RegS | Rule 144A | |
|---|---|---|---|---|---|---|---|---|---|
| SSN | Feb 2023 | US$ | 250 | 5.000% | - | TISE | CUSIP ISIN | N64884AF1 USN64884AF16 | 66978CAF9 US66978CAF95 |
| SUN | Feb 2023 | US$ | 300 | 1.000% | 13.000% | TISE | CUSIP ISIN | N64884AE4 USN64884AE41 | 66978CAD4 US66978CAD48 |
Bonds restructuring
On 9 February 2023, the Company completed the bond restructuring initially announced on 23 December 2021 and the related lock-up and forbearance arrangements have been terminated.
| Restructuring terms | |
|---|---|
| Partial reinstatement of notes | • US$250m Senior Secured Notes (SSN) – 5% cash coupon, interest accrues from 1 January 2022 |
| • US$300m Senior Unsecured Notes (SUN) – 1% cash coupon, 13% payment in kind, interest accrues from 1 January 2022 | |
| • New notes mature on 30 June 2026 | |
| • If not repaid in cash at maturity, the SUNs will be repayable in specie through the issuance of equity of the Company based on the value of the SUNs outstanding on the issuance date as a percentage of the fair market value of the Company (up to a maximum of 99.99% of the Company’s fully diluted equity) | |
| Conversion to equity | • Remaining notes and accrued interest converted to equity |
| • Existing ordinary shareholders diluted to 11.11% | |
| • Issue of warrants to new noteholders, which may further dilute existing ordinary shareholders to 10.00%. | |
| Corporate Governance Arrangements | • Cash sweep mechanism to debt service retention account |
| • Transfer to Standard Listing segment of the London Stock Exchange | |
| • Board to consistent of 6 Directors: 5 NEDs and 1 Executive Director (previously 5). |