Sequa Petroleum N.V. Bonds Update
(Thomson Reuters ONE) -
14/11/2017
Sequa Petroleum N.V. Bonds Update
Further to its press releases of 14 November 2016, 17 March and 15 May 2017,
Sequa Petroleum N.V. (the "Company") notes that a further potential default has
occurred under the Company's 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, SEQ01 PRO EC) issued by the Company in April 2015 ("Bonds"). The
potential default is failure to pay $5.11M interest under article 10 (a) of the
Terms and Conditions of the Bonds in respect of the interest period to 31
October 2017 and the failure to remedy the potential default within 14 calendar
days from that date.
The net funds received from the Norwegian tax authorities in relation to the
Company's cessation of E&P activity in Norway, announced 20 June 2017, together
with debt restructuring and possibly new equity and/or debt funds will enable
the Company to progress selected high quality appropriately sized acquisition
targets of production and development assets that are expected to be value-
accretive to the Company's creditors. It is noted that the Company's only
remaining significant creditors are its Bondholders, that the late payment of
overdue coupons would not resolve the potential defaults under the terms of the
Bond, and that any restructuring is envisaged to address both the overdue
coupons and the defaults, on a basis determined in discussion with
Bondholders. The Company is in the process of engaging with its Bondholders
through the Trustee in order to agree the basis of the restructuring.
Cautionary notice
This press release contains information that qualifies as inside information
within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This communication includes forward-looking statements. All statements other
than statements of historical facts may be forward-looking statements. Words
such as possibly, expected and value accretive or other similar words or
expressions are typically used to identify forward-looking statements. Forward-
looking statements are subject to risks, uncertainties and other factors that
are difficult to predict and that may cause actual results of the Company to
differ materially from future results expressed or implied by such forward-
looking statements. Such factors include, but are not limited to risks relating
to the Company's ability to acquire new opportunities; generate positive cash
flows; general economic conditions; turbulences in the global credit markets and
the economy; geopolitical events; the possibility to restructure the Bonds and
other factors discussed in the Company's public filings and other
disclosures. Forward-looking statements reflect the current views of the
Company's management and assumptions based on information currently available to
the Company's management. Forward-looking statements speak only as of the date
they are made, and the Company does not assume any obligation to update such
statements, except as required by law.
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: 14.11.2017 - 10:00 Uhr
Sprache: Deutsch
News-ID 567987
Anzahl Zeichen: 3981
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 184 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Sequa Petroleum N.V. Bonds 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).
