Business
Update on Interest Payments
Update on Interest Payments.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 9316T\n Nostrum Oil & Gas PLC\n 24 July 2020\n \n \n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n London, 24 July 2020\n \n \n \n \n \n Update on Interest Payments\n \n \n \n \n \n \n \n \n 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 its plans to utilise the applicable grace periods for the interest payments due on 25 July 2020 and 16 August 2020 with respect to the 8.0% Senior Notes due 2022 (the \"2022 Notes\") and 7.0% Senior Notes due 2025 (the \"2025 Notes\", and together with the 2022 Notes, the \"Notes\") issued by Nostrum Oil & Gas Finance B.V. (the \"Issuer\"). \n \n \n \n \n \n The 30-day grace period will allow the Company to continue active discussions with the financial and legal advisers to a steering committee of holders of the Notes, namely\n \n PJT Partners (UK) Limited and Akin Gump Strauss Hauer & Feld, respectively, with a view to entering into a forbearance agreement with the holders of the Notes in relation to those interest payments which is in the best interest of all stakeholders.\n \n \n \n \n \n \n The 2022 Notes require interest payments, payable semi-annually, on 25 January and 25 July of each year. The 2025 Notes require interest payments, payable semi-annually, on 16 February and 16 August of each year. Under the terms of the indentures governing the Notes, it is an event of default if the Issuer defaults in any payment of interest when such payment becomes due and payable and such default continues for a period of 30 days.\n \n \n \n \n \n Nostrum will make further announcements in due course, as appropriate.\n \n \n \n \n \n LEI: 2138007VWEP4MM3J8B29\n \n \n \n \n \n Further information\n \n \n For further information please visit \n \n \n www.nog.co.uk\n \n \n \n \n \n \n \n \n Further enquiries\n \n \n Nostrum Oil & Gas PLC\n \n \n Martin Cocker CFO\n \n ...