Russian independent gas producer Novatek?s board of directors decided to hold an extraordinary meeting of shareholders to approve a loan from C.R.R. B.V. amounting to not more than $200 million for 1.5 years, Interfax reports.
The company said that the meeting will be mail-in, and ballot sheets should be returned by December 26.
A source in the company told Interfax that the company C.R.R. B.V. took part is organizing a first credit linked note issue placed by Novatek in April 2004, and will take part in a second CLN issue.
In April this year Novatek planned to place $50 million in CLN, however as demand for these securities was 50% higher than supply, the placement was increased to $100 million. Novatek placed CLN maturing in 1.5 years with a coupon of 9.125% per year. Investors from Europe, Asia, Russia and the U.S. took part in the placement, which was organized by Trust and ING Bank.
On December 2-3 Novatek is to hold a road show in London, Zurich and Geneva for a second CLN issue amounting to $100 million. The company does not rule out that if demand for the papers will be high, that this issue may also be increased.
