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Eurobond-2023 Redemption

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23 June 2023

PAO Sovcomflot (MOEX: FLOT) provides an update on the payments due on Eurobonds issued by SCF Capital Designated Activity Company, Ireland, with maturity on 16 June 2023 (Eurobonds 2023 in the amount of USD 498 million; ISIN: XS1433454243).

Further to the successful exchange of the Eurobonds 2023 to local bonds in December 2022 in the amount of USD 377 million, their subsequent redemption in April 2023, and further direct settlements in June 2023 in the amount of USD 70 million with all the remaining bondholders whose Eurobonds 2023 are held through Russian depositories, there are Eurobonds 2023 remaining in the circulation in the international infrastructure in the amount of USD 51 million.

Because of sanctions restrictions, the paying agent Citibank N.A. and international central securities depositories refuse to accept any cash assets from SCF Group to be further distributed to bondholders.

SCF Group has applied to Irish and UK regulators to obtain confirmations needed to make the remaining payments to bondholders where the rights to such bonds are accounted for in international infrastructure, and expects to be in a position to make the payments with due cooperation of the paying agent Citibank N.A. after such confirmations are issued by the foreign regulators and relevant sanctions concerns are addressed. 

PAO Sovcomflot is a responsible and trustworthy borrower and has financial resources necessary to meet its obligations under the Eurobonds. The company will keep the bondholders and other stakeholders updated on the status of work to resume the payments.

For all questions relating to the Eurobonds, please contact us: ir@scf-group.ru. In your email please specify the quantity of Eurobonds held, place of safekeeping (name of securities depository) and the ultimate beneficial owner's residency status.

SCF Press Office

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