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VTB Bank and FESCO have executed a credit facility for up to USD 680 million to restructure the bulk of the Group's debt

7 November 2017

Far-Eastern Shipping Company PLC  and its subsidiaries (together, the “Group”) announce the execution of a facility agreement (the “Facility Agreement”) with VTB Bank PJSC (“VTB Bank”), for a total amount of up to USD 680 million (the “Debt Financing”), which the Group will use to repay and/or settle a significant portion of its existing financial liabilities. VTB Bank approved the terms of the Debt Financing last week.

PJSC “Commercial Port of Vladivostok” (“VMTP”), a member of the Group, will act as Borrower under the Facility Agreement. The credit line will be extended for 5 years for the purposes of financing payment of the Settlement Amount to Scheme Creditors in connection with the restructuring of the Group’s indebtedness; under the outstanding 8.00% senior secured notes due 2018 and 8.75% senior secured notes due 2020 ( the “USD Notes”) for refinancing the Repurchased Notes Facility, as well as for other debt restructuring purposes.

The Group also confirms that the standstill and lock-up agreement dated 6 September 2017 between, among others, FESCO and certain members of the ad hoc group of holders of the USD Notes (the “LUA”), terminated automatically on 31 October 2017, being the initial longstop date under the terms of the LUA.

As announced on 27 October 2017, the scheme of arrangement  (the ”Scheme”), connected  with the restructuring of the Group’s indebtedness under the USD Notes (as described in the explanatory statement published  on 11 October 2017) was approved by the requisite majorities of the Scheme Creditors at the scheme meeting held on 27 October 2017, pursuant to the requirements under Part 26 of the Companies Act 2006. 

Terms used but not otherwise defined in this notice shall have the meanings given to them in the explanatory statement.

Investor Contacts

Dmitriy Ivanov

IR Director, FESCO
+7(495)7806001 ext. 11160
ir@fesco.com
Media Contacts

Maria Kobzeva

Press Secretary, FESCO
+7(495)7806001 ext. 11014
pr@fesco.com
Further details may be obtained from the Information Agent appointed in respect of the Scheme:

Information Agent

 Lucid Issuer Services Limited 

Tankerton Works
12 Argyle Walk
London WC1H 8HA
Contacts:
Email: fesco@lucid-is.com

Attention: Alexander Yangaev / Victor Parzyjagla

IMPORTANT NOTICE:

These materials are not intended to and do not constitute investment advice. These materials do not constitute or form any part of and should not be constructed as an offer or commitment to sell or issue, a solicitation, recommendation, commitment or invitation to subscribe for, underwrite or otherwise acquire, and should not be construed as an advertisement for, any securities of the Issuer or any member of its group in any jurisdiction or an inducement to enter into investment activity in any jurisdiction.

 

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