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Schahin II Finance Company (SPV) Limited Notice to Scheme Creditors of the Completion of Its Restructuring and the Occurrence of the Restructuring Effective Date

November 10, 2018

GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--Nov 9, 2018--Terms used but not defined in this notice have the same meanings as in the explanatory statement dated 26 September 2018 (the ” Explanatory Statement ”) relating to the proposed scheme of arrangement between Schahin II Finance Company (SPV) Limited (the “ Issuer ”) and those persons having a beneficial interest as principal in the US$750 million of senior secured notes with a coupon of 5.875% and with a final legal maturity date of 25 September 2023 (the ” Notes ”) issued by the Issuer pursuant to an Indenture dated 28 March 2012 (the ” Scheme Creditors ”) under section 86 of the Companies Law (2018 Revision).

NOTICE IS HEREBY GIVEN that all Scheme Conditions under the Scheme between the Issuer and the Scheme Creditors have now been satisfied in accordance with the terms of the Scheme:

Significance of the Restructuring Effective Date

Pursuant to clause 4 of the Scheme, by publishing this notice on the Information Agent Website, the Issuer has triggered the Restructuring Effective Date. The significance of the Restructuring Effective Date is that, with effect from November 8, 2018:

The Restructuring is now complete. Save for any particular internal or regulatory compliance actions which may apply to a specific Scheme Creditor, there are no further actions for Scheme Creditors to take with respect to the Scheme and the Restructuring.

Further Information

For more information on this notice, please contact Ben Hobden of Conyers Dill & Pearman, Cayman Islands legal counsel to the Issuer, at ben.hobden@conyersdill.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181109005632/en/

CONTACT: Conyers Dill & Pearman

Ben Hobden

ben.hobden@conyersdill.com

KEYWORD: UNITED STATES NORTH AMERICA CARIBBEAN CAYMAN ISLANDS

INDUSTRY KEYWORD: ENERGY OIL/GAS PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Schahin II Finance Company (SPV) Limited

Copyright Business Wire 2018.

PUB: 11/09/2018 09:11 PM/DISC: 11/09/2018 09:10 PM

http://www.businesswire.com/news/home/20181109005632/en

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