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Sergey Polonsky’s former Mirax Group now called Nazvanie.net has announced that it managed to reach an agreement on debt restructuring.
The principal terms of restructuring agreed by the representatives of the Working Group of Creditors and the Company NAZVANIE.NET are as follows:
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New debt form
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Debt instrument under English law (Loan Participation Notes) / bonds under the Russian law for “non-qualified” investors
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Currency
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Russian Ruble
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Borrower (the borrower under Notes)
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Russian company within the Group NAZVANIE.NET
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Issuer by Notes
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EMSP B.V.
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Total make of the issue
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The principal + outstanding coupon + interest accrued from the maturity date of the relevant debt instrument until the restructuring date at the refinancing rate of the Central Bank of Russian Federation
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Initial payment
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Under discussion - see item 2 of the Minutes
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Maturity Date
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No later than July 30, 2019
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Coupon rate
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Under discussion - see item 2 of the Minutes
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Grace period
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Under discussion - see item 2 of the Minutes
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Repayment
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Lump sum in the end of the term with the account of Cash Sweep (a part of profit generated by project companies shall be used for LPN’s prepayment)
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Prepayment at the Borrower’s initiative
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Possible at any time without fees. Amount of repayment: 100%
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Security
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Guarantee of the project companies (subordinated in case an investor is found for specific project): ZAO Kostyanskiy, 13; OAO Filikrovlya Plant; ZAO Medical Center for Geriatrics and Rehabilitation; OOO Novaya Industria; OOO O.Nik’s; OOO Zhilindustria; and OOO Avanta.
The documentation shall allow the replacement of a guarantee provided by one project company with the guarantee of the company with the similar project in case such project is sold to a third party, provided that the terms of sale and purchase transaction are fully disclosed to the creditors.
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Enforcement Agent
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There shall be an Enforcement Agent nominated by the creditors empowered to declare a default, to demand advanced repayment of the loan, to foreclose on the mortgaged property and to seek the borrower’s and the guarantors’ responsibility in case of default.
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Guarantee of the Ultimate Beneficiary
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Under discussion - see item 2 of the Minutes
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Date of rate fixation
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Date of the restructuring agreements’ execution
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Covenants/events of default
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Standard
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Listing
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If practicable
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Settlements
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Euroclear / Clearstream
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