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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nostrum Oil & Gas Plc | LSE:NOG | London | Ordinary Share | GB00BQVVS097 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 1.41% | 5.76 | 5.22 | 6.30 | 5.74 | 5.64 | 5.64 | 122,435 | 16:35:20 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 199.72M | -116.45M | -0.6875 | -0.08 | 9.72M |
By Jaime Llinares Taboada
Nostrum Oil & Gas PLC said Friday that it has reached an agreement to restructure an outstanding $1.1 billion in bonds due in 2022 and 2025.
The oil-and-gas company, its largest shareholder and an ad hoc committee of noteholders have agreed a partial reinstatement of the bonds in the form of $250 million of senior secured notes with a cash coupon of 5.0%, and $300 million senior unsecured notes with cash coupon of 1.0% and payment-in-kind interest of 13%, both maturing in June 2026.
The remainder of the outstanding notes, which had aggregate principals of $725 million and $400 million, respectively, are to be converted into equity. The final Nostrum shareholding to be received by the noteholders will depend on the results of an extraordinary general meeting of shareholders.
The deal also includes arrangements regarding corporate governance, cashflow utilization and the transfer of the company's listing to the standard listing segment of the LSE.
"This agreement removes significant obstacles as we look to negotiate long term contracts to fill the spare capacity in our world class processing facilities and so secure the group's medium- and long-term future," Chief Executive Arfan Khan said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
January 28, 2022 03:15 ET (08:15 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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