The restructuring was initiated for Series 002P-06 and 002P-10.
The restructuring terms provide for 100% principal repayment on July 30, 2030, and a 10% annual coupon rate accruing from January 1, 2026, with monthly payments, while also enabling investors to participate in the company's value appreciation.
The transaction's implementation allows the company to preserve operating cash flow and anticipate overcoming challenges caused by, among other factors, high interest rates.
The restructuring involved a broad range of bondholders representing regions from Kaliningrad to Sakhalin.
For the first time in Russian market history, the following solutions were implemented:
investors were offered shares to realize equity upside without principal haircut, distinguishing this deal from traditional Western practices;
the issuer's shareholder provided additional shares as an incentive for bondholders supporting the restructuring.
As part of the project, we developed unique digital infrastructure enabling remote voting and explanation of restructuring terms.
For the first time, several brokers allowed investors to vote online, eliminating paper ballots. This streamlined the bondholders' meeting (OSVO) process.
We plan to consolidate the experience gained and present the findings to the professional community in the near future.