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Gazprom's Gaz Capital requests changes to a $750 million note transaction

Aria Thomas

Aug 12, 2022 10:53

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Gaz Capital, the Luxembourg-based finance arm of Russia's Gazprom (MCX:GAZ), requested a grace period extension and trustee change on Thursday.


Holders of Gaz Capital's $750,000,000 loan participation notes due 2027 were also asked to allow Gaz Capital or the new trustee to designate a co-trustee if the new trustee is subject to penalties.


As retaliation for Moscow's invasion of Ukraine at the end of February, the United States, the United Kingdom, the European Union, and others slapped financial sanctions on Russia and a number of Russian firms. Numerous holders of Russian bonds and stocks were required to mark their holdings to zero as a result of the sanctions, which have almost erased Russia from the global financial system.


Gaz Capital said that the notes' trustee resigned on May 9 due to EU sanctions. Deutsche Bank (ETR:DBKGn) was the original trustee, according to the base prospectus for loan participation notes issued by Gaz Capital in March 2017.


Gaz Capital requested that the grace period - the amount of time a payment can be late without incurring a penalty - be extended to 30 business days "to accommodate for protracted cash transfer time frames caused by operational and technical challenges beyond the Company's control."


It was unclear what the first grace period was, but the loan terms for 2017 indicate that Gazprom will default if debt-related payments are not paid within three business days.


The coupon payment due date is September 23.


If the idea is successful, holders who vote will earn $3.5 for every $1,000 in principle held.


According to the document, the deadline for voting is August 31, 15:00 London time (1500 UTC), and may be extended.

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