27.04.2022
JSC GTLK informs on the situation with Eurobond payments on Eurobonds of GTLK Europe Capital DAC for April 2022.
Coupon payment of USD14,875,000 on Eurobond issued by GTLK Europe Capital DAC and maturing in April 2025 (ISIN: XS1713473608) was due on 19th April 2022.
The Issuer discharged its obligation in respect of the payment in full and on time by making an early coupon payment on the morning of Friday 8 April 2022 into the account of the Principal Paying Agent - the Bank of New York Mellon, London Branch according to the terms of the Notes. The funds so paid were blocked by the remitter’s bank (J.P. Morgan SE – Dublin Branch) due to initial compliance checks on the payment.
Sanctions by the European Union in respect of the Issuer were introduced and took effect on the evening of 8 April 2022. On 11 April 2022, J.P. Morgan SE notified GTLK that it was not possible to release the payment. In line with the requirements of the EU, GTLK approached the competent authorities in Ireland requesting a license permitting the payment to be released to the Bank of New York Mellon. The Central Bank of Ireland (CBI) confirmed that the GTLK request is being under consideration. To date there is no information on the term of decision-making and the response has not been provided to GTLK.
Furthermore, on 21 April 2022, sanctions were introduced by the United Kingdom in respect of the Issuer. Immediately on the same date GTLK sent the similar request to the relevant UK authority to make the payment in April 2022 into the account of the Principal Paying Agent. To date GTLK is expecting the decision on this issue.
GTLK remains a responsible and reliable borrower and continues to seek all possible solutions that would allow our payments to actually reach the relevant noteholders as soon as possible. Fulfilling payment obligations under the Notes remains a priority for GTLK..
GTLK will keep updating the Noteholders on the further developments.
Coupon payment of USD14,875,000 on Eurobond issued by GTLK Europe Capital DAC and maturing in April 2025 (ISIN: XS1713473608) was due on 19th April 2022.
The Issuer discharged its obligation in respect of the payment in full and on time by making an early coupon payment on the morning of Friday 8 April 2022 into the account of the Principal Paying Agent - the Bank of New York Mellon, London Branch according to the terms of the Notes. The funds so paid were blocked by the remitter’s bank (J.P. Morgan SE – Dublin Branch) due to initial compliance checks on the payment.
Sanctions by the European Union in respect of the Issuer were introduced and took effect on the evening of 8 April 2022. On 11 April 2022, J.P. Morgan SE notified GTLK that it was not possible to release the payment. In line with the requirements of the EU, GTLK approached the competent authorities in Ireland requesting a license permitting the payment to be released to the Bank of New York Mellon. The Central Bank of Ireland (CBI) confirmed that the GTLK request is being under consideration. To date there is no information on the term of decision-making and the response has not been provided to GTLK.
Furthermore, on 21 April 2022, sanctions were introduced by the United Kingdom in respect of the Issuer. Immediately on the same date GTLK sent the similar request to the relevant UK authority to make the payment in April 2022 into the account of the Principal Paying Agent. To date GTLK is expecting the decision on this issue.
GTLK remains a responsible and reliable borrower and continues to seek all possible solutions that would allow our payments to actually reach the relevant noteholders as soon as possible. Fulfilling payment obligations under the Notes remains a priority for GTLK..
GTLK will keep updating the Noteholders on the further developments.
