Sequa Petroleum NV: Convertible Bonds
(Thomson Reuters ONE) -
Sequa Petroleum N.V. USD 300,000,000 5.00 per cent Convertible Bonds due 2020
(of which USD 204,400,000 in principal amount remain outstanding) (ISIN:
XS1220076779) issued by the Company in April 2015 ("Bonds")
Sequa Petroleum N.V. ("Company") has notified the Bond Trustee that there will
be a delay in payment of interest.
The Company's funding is provided by Sapinda Invest Sarl and Sapinda Asia
Limited, through convertible loan facilities ("Loans"), totalling USD 62.5M, of
which USD 7.6M has been drawn. The Company has drawdown requests outstanding for
the coupon now due, and has received confirmation that these drawdown requests
will be fulfilled in the near term.
A potential default has occurred under the Bonds of failure to pay interest as
required under article 10 (a) under the Terms and Conditions of the Bonds, and
the failure to remedy has continued for 14 calendar days from 31 October.
The Company has not received instructions from the Trustee to call a formal
default, which would be required before the Bonds are immediately due and
repayable. The Company currently does not expect to receive any such
instructions and to the Company's knowledge, the Trustee has not received
written instructions from holders of 25% of the bond or notification of an
extraordinary resolution.
By way of update on its ongoing loan funding, the Company has received six
drawdowns under the Loans totalling USD 2,633,281 dated between 30 June and 25
October 2016, although these drawdowns have not matched the timing or amounts
requested by the Company.
The Company will provide an update following the receipt of further information.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info(at)sequa-petroleum.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sequa Petroleum NV via GlobeNewswire
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Datum: 14.11.2016 - 18:00 Uhr
Sprache: Deutsch
News-ID 506830
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contact information:
Town:
London
Kategorie:
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