Today: May 28, 2018, 10:08 am
  
Business

Sequa Petroleum N.V. Bonds Update

PR-Inside.com: 2017-11-14 10:03:02

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@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




# 635 Words
Related Articles
More From The Author
Marston’s, InMoment Present at Major London CX [..]
This week at Forrester’s CX Europe 2017, InMoment : Marston’s—a FTSE 250 listed company—is the UK’s leading independent pub [..]
BW Offshore: Investment by ICBCL in BW [..]
  With reference to stock exchange release dated 7 April 2017.   BW Offshore Limited (BWO) has today closed an [..]
Hoylu AB: BOND SELECTS HOYLU TO SUPPORT [..]
Malmo, Sweden, November 14, 2017 - Hoylu, a leading enterprise collaboration company announced today that BOND Brothers, Inc. [..]
Kesko's comparable sales grew in October
KESKO PRESS RELEASE 14.11.2017 AT 09.00 1(2)   Kesko's comparable sales grew in October   Kesko Group's sales totalled [..]
Odfjell SE signs Framework Agreement with Sinochem [..]
Odfjell SE ("Odfjell") has signed a Framework Agreement with Sinochem Shipping Singapore Pte. Ltd ("Sinochem") whereby [..]
 
More From Business
Trillium Announces Vehicular GDPR Assurance Platform
Service enables companies that use vehicular data to comply with EU regulation SUNNYVALE, CA and TOKYO, May 25, 2018 - [..]
Tarps Now® Announces Expanded Offers of Sun [..]
ST. JOSEPH, MICHIGAN, UNITED STATES -- Tarps Now® has released a greatly expanded line of outdoor Mesh Sun Shade Tarps [..]
G2H2 Capital Makes a Purchase on the [..]
HONG KONG, May 24, 2018 - (ACN Newswire) - G2H2 Capital ("G2H2") signed an agreement with AnApp Blockchain Technologies Limited [..]
Oppenheimer Europe CEO Max Lami On Course [..]
Oppenheimer Europe CEO Max Lami On Course With M&A Business Expansion Plan, Four Years On Nearly four years have passed [..]
AnApp announces the birth of an innovative [..]
HONG KONG, May 21, 2018 - (ACN Newswire) - AnApp Blockchain Technologies Limited ("AnApp") announces the development of [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.