Sovcomflot announces meetings of the noteholders

Sovcomflot (MOEX: FLOT) announces meetings of holders of the notes issued by SCF Capital Designated Activity Company, Ireland, guaranteed by Sovcomflot, to adopt a package of decisions, including the introduction of alternative payment arrangements designed to resume coupon payments. 

Due to the EU and UK sanctions imposed on the issuer and guarantor in March this year, the proper discharge of obligations under the notes is technically impracticable, in particular, due to the refusal of the paying agent to accept the payment and pay the coupon. The meetings of the noteholders are scheduled for 2 August 2022. 

A detailed notice will be circulated by email to the noteholders who have provided their identification data to Sovcomflot or Legal Services International, legal counsel of Sovcomflot on this matter. Noteholders who have not provided their identification data should contact Legal Services International at the email address below and provide: issue identifier (ISIN: XS1433454243 and/or ISIN: XS2325559396), the holder, the quantity of notes held and the place where the notes are kept. 

SCF group confirms its commitment to discharge obligations under the notes in full and has the necessary financial resources to do so. Currently, SCF Capital Designated Activity Company, Ireland, has two issues of the notes outstanding for a total amount of USD 928 million maturing on 16 June 2023 (ISIN: XS1433454243) and 26 April 2028 (ISIN: XS2325559396). 

Meetings related inquiries (external legal counsel LSI):

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