On the results of meetings of the noteholders


On 2 August 2022, meetings of the holders of the notes issued by SCF Capital Designated Activity Company, Ireland, guaranteed by PAO Sovcomflot (MOEX: FLOT), were held. 

At present, there are two such note issues outstanding, with maturities on 16 June 2023 (ISIN: XS1433454243) and 26 April 2028 (ISIN: XS2325559396).

During the noteholders’ meetings, packages of decisions were adopted, which include introducing alternative payment arrangements designed to reinstate coupon payments.

Copies of the meeting’s resolutions will be circulated to the noteholders by email using addresses provided by the holders to Sovcomflot or its legal counsel, Legal Services International (Denuo Group). Sovcomflot invites the noteholders, which have not yet provided their contact details yet wish to receive copies of the resolutions, to contact Legal Services International. 

As a responsible and trustworthy borrower, Sovcomflot confirms that it is committed to fully discharging the obligations under the notes and that it has the necessary financial resources to do so. Sovcomflot will continue to make all possible steps to ensure coupon payments despite the sanctions imposed by the European Union and the United Kingdom that hinder the proper discharge of the Company’s obligations.  

Shortly, Sovcomflot plans to make coupon payments to the investors that hold the notes through Russian depositories (including in compliance with the Executive Order of the President of the Russian Federation No. 430 of 5 July 2022 ‘On repatriation by residents participating in foreign economic activity of foreign currency and Russian Federation currency.’)

The investors that hold the notes through depositories outside Russia are invited to contact Sovcomflot or Legal Services International regarding the alternative payment arrangements.

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Legal Services International (Denuo Group), external legal counsel of PAO Sovcomflot: