#Cleary Gottlieb #London #United Kingdom #BNY Mellon #Emis Finance

Cleary Gottlieb Launches Consent Solicitation for EMIS Finance B.V. Bonds

On July 9, 2025, Cleary Gottlieb Steen & Hamilton LLP announced the launch of a consent solicitation concerning bonds issued by EMIS Finance B.V. This initiated process arose from requests made by specific bondholders who are seeking revisions related to the management and oversight of their holdings.

The Bonds in Question

The consent solicitation pertains to two series of bonds:

• - LPN-26: $50,000,000 Loan Participation Notes maturing on November 7, 2022, with a coupon rate of 8.75% (ISIN: XS1907535576).
• - LPN-31: $50,000,000 Loan Participation Notes maturing on October 15, 2024, with a higher coupon rate of 9.50% (ISIN: XS222841175).

These bonds are primarily issued to finance a loan provided to ABH Ukraine Limited, and collectively, they represent significant financial instruments for the current investors involved.

Aims of the Consent Solicitation

The primary objective of this consent solicitation is to deliberate on several recommendations put forth by the bondholders which include:
1. Removal of BNY Mellon Corporate Trustee Services Limited as the Trustee for these bonds.
2. Removal of The Bank of New York Mellon as the Principal Paying Agent.
3. Appointment of GLAS Trustees Limited as the new Trustee to oversee the bonds.
4. Appointment of GLAS Trust Company LLC as the new Principal Paying Agent to manage payment processes related to each bond series.

These proposed changes aim to enhance the governance structure surrounding the management of the bonds, thus purportedly providing investors with greater confidence and alignment with their financial interests.

Invitation for Bondholders

Bondholders are encouraged to actively engage in this process. They can find detailed information about the consent solicitation by visiting the dedicated website at GLAS Agency and registering for a copy of the explanatory memorandum containing in-depth insights into the consent solicitation process.

Key Contacts

For further inquiries, bondholders may contact the solicitation agent, GLAS Specialist Services Limited, located in London. Interested parties can reach out via email at [email protected] or check the consent solicitation website as mentioned above. Contact via phone is also available at +44 (0)20 3597 2940.

Conclusion

This move by Cleary Gottlieb demonstrates an active effort to ensure that the governance of EMIS Finance B.V. bonds remains robust and responsive to the demands of its bondholders. By facilitating this consent solicitation, the firm aims to address pressing concerns regarding oversight and management, ultimately seeking to protect the interests of its investors and enhance the overall bondholder experience. As the process progresses, the outcomes will likely play a pivotal role in shaping the future governance of these financial instruments.