Sequa Petroleum N.V. (the Company) Update
(Thomson Reuters ONE) -
Further to its press release of 14 November, the Company has to date not
received funds to pay the USD $5.11M Bonds coupon following its drawdown
requests from the convertible loan facilities totalling USD 62.5M from Sapinda
Invest Sarl and Sapinda Asia Limited ("Loans"). The Company has been informed
that Sapinda is undertaking a fundraising exercise from which the Company
expects funds to enable it to pay the coupon; however, the Company cannot
provide certainty at this time.
By way of update on the Loans, since 14 November a further USD 957,600 was
provided in three instalments meaning a total of USD 3,590,880 has now been
received since 30 June 2016. The amounts received did not match the timing or
quantum requested by the Company, and further funds will continue to be required
for the Company to have sufficient liquidity to enable it to continue to trade.
However, currently the Company expects it will be able to draw sufficient
further funds for a period of time whilst the bond potential default is
addressed.
To the Company's knowledge no further action has occurred, or notice been
received, regarding the 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").
The Company will provide further updates when available.
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
Unternehmensinformation / Kurzprofil:
Datum: 23.12.2016 - 17:30 Uhr
Sprache: Deutsch
News-ID 514747
Anzahl Zeichen: 2168
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 472 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Sequa Petroleum N.V. (the Company) Update"
steht unter der journalistisch-redaktionellen Verantwortung von
Sequa Petroleum NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
