RCS - DTEK Finance Plc - DEBV AGREES EXTENSION OF THE LOCK-UP AGREEMENT

Houlihan LokeyAnnouncement

15/04/2021 11:55

RNS Number : 5977V
  
DTEK Finance Plc
  
15 April 2021
  
 

DTEK ENERGY GROUP AGREES EXTENSION OF THE AUTOMATIC TERMINATION DATE FOR THE LOCK-UP AGREEMENT
 
As announced previously, the DTEK ENERGY B.V. group (the "Group") has:
 
·    launched two inter-conditional schemes of arrangement under Part 26 of the Companies Act 2006 (the "Schemes") in order to implement the restructuring of substantially all of the Group's indebtedness (the "Restructuring") on the terms and conditions set forth in the restructuring term sheet (the "Term Sheet") as contained within the Lock-up Agreement (as defined below) dated 26 March 2021; and
 
·    entered into a lock-up agreement with certain of its creditors under which, amongst other matters, such creditors have agreed to vote in favour of the Restructuring in the Schemes (as applicable) (the "Lock-up Agreement").
 
The Schemes convening hearing is scheduled for 16 April 2021. Subsequent dates for the Schemes creditors meetings and the Schemes sanction hearing will follow in due course. Accordingly, the automatic termination date for the Lock-up Agreement has been extended to 5 May 2021. 
 
The Term Sheet and the Lock-up Agreement are available at https://glas-agency.appiancloud.com/suite/sites/dtek (the "Scheme Portal"), a password protected website maintained by GLAS Specialist Services Limited (the "Calculation Agent"). All holders of Notes ("Noteholders") are invited to go to https://glas.agency/investor_reporting/dtek (the "Scheme Website"), request access details in accordance with the instructions set forth on the Scheme Website, and access and accede to the Lock-up Agreement.
 
Provided that the Restructuring is successfully implemented through the Schemes, and subject to the conditions of the Lock-up Agreement, each Noteholder that accedes to the Lock-up Agreement and votes in favour of the Scheme will receive its pro rata share of a restructuring fee in cash in an amount equal to 2% of the aggregate principal amount of the New DEBV Notes (as defined in the Term Sheet) to be issued by the Issuer (as defined in the Lock-up Agreement) as part of the Restructuring, on the Restructuring Effective Date (as defined in the Lock-up Agreement).
 
 
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For any enquiries relating to the Scheme Website, the Scheme Portal and/or the Accession Mechanics, please contact:
 
GLAS Specialist Services Limited: Tel: +44 (0)20 3597 2940, projectamber@glas.agency
 
 
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For any other enquiries, please contact: 
 
DTEK ENERGY B.V.: Oksana Nersesova (Tel: +380 44 581 4522, NersesovaOE@dtek.com) 
 
Houlihan Lokey, financial adviser to the Group: Gijs de Reuver (Tel: +44 20 7747 2710, GdeReuver@HL.com) or Nicolas Guelfand (Tel: +33 1 53 43 38 08, NGuelfand@HL.com)
 
Latham & Watkins, legal adviser to the Group: Edward Kempson (Tel: +7 495 644 1928, Edward.kempson@lw.com) 
 
Rothschild & Cie, financial adviser to the Bank Lender Ad Hoc Group: Giovanni Salvetti (Tel: +7 495 775 8221, giovanni.salvetti@rothschildandco.com) or Simon Bard (Tel: +33 1 40 74 41 66, simon.bard@rothschildandco.com)
 
Hogan Lovells International LLP, legal adviser to the Bank Lender Ad Hoc Group: Alex Kay (Tel: +44 20 7296 2256, alex.kay@hoganlovells.com)
 
Dechert LLP, legal adviser to the Bondholder Ad Hoc Group: Solomon J. Noh (Tel: +44 20 7184 7337, solomon.noh@dechert.com) or Alastair Goldrein (Tel: +44 20 7184 7456, alastair.goldrein@dechert.com)
 
This press release may include "forward-looking" statements within the meaning of applicable securities laws. Any such statements reflect the current views of the Group about further events and performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.
 
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