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Anti-Russian sanctions

Sovcomflot unable to pay Eurobond coupon due to EU, UK sanctions

The company is currently considering modifying the terms of notes by introducing alternative payment arrangements, which would allow resume regular coupon payments in a timely manner

MOSCOW, June 16. /TASS/. Sovcomflot (SCF) has announced that the next coupon payment due on June 16 related to the notes worth $498 mln at the rate of 5.375% per annum with maturity on June 16, 2023 is hindered by the sanctions imposed by the EU and UK.

"Proper discharge of obligations under the notes is currently technically impracticable due to the refusal of the paying agent to accept the payment and pay the coupon to holders of the notes," Russia’s shipping company said in a statement on Thursday.

Sovcomflot is currently considering modifying the terms of notes by introducing alternative payment arrangements, which would allow resume regular coupon payments in a timely manner. The company is also developing the most efficient solution to implement such measures with the assistance of its advisors, which will be communicated to the holders of the notes as soon as possible.

At present, SCF Capital Designated Activity Company, Ireland, has two outstanding Eurobond issues for the total amount of $928 mln with maturities in 2023 and 2028, the company noted. Earlier, Sovcomflot made an announcement on a similar situation with the coupon payment relating to the notes with maturity in 2028.

The listing of bonds on Euronext Dublin was suspended on April 12, 2022. SCF Capital Designated Activity Company and Sovcomflot were not properly notified, though it will not influence fulfillment of the company’s obligations on bond issues, the company concluded.

Sovcomflot is one of the global leaders in the maritime transportation of oil and gas and the servicing of offshore hydrocarbons production. The company is involved in servicing major oil and gas projects in Russia and across the world: Sakhalin-1, Sakhalin-2, Varandey, Prirazlomnoye, New Port, Yamal LNG, Arctic LNG-2, Tangguh (Indonesia).

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