Alrosa is asking its bondholders to agree to new payment terms for its US$500 million 3.1% guaranteed notes due in 2027. The company is facing challenges due to sanctions from the EU, UK, and US, which have blocked traditional payment methods.
Bondholders who hold the notes as of 10 June 2024 are eligible to participate in the consent solicitation process. Alrosa aims to introduce new payment arrangements to ensure it can continue servicing the bonds.
The consent solicitation process starts on 28 May 2024. The record date to determine eligible bondholders is 10 June 2024. Bondholders must submit their voting forms or notify their attendance by 18 June 2024 at 12:00 pm Moscow time. The bondholders’ meeting will be held on 19 June 2024 at 10:00 am Moscow time.
Alrosa confirms it has sufficient funds to meet its obligations under the new terms. No consent fee will be paid for this process.