Mexico’s Latina Offshore seeks to extend 8 7/8% bonds by one year

By Susanna Moon

Chicago, Oct. 1 – Latina Offshore Holding Ltd. is asking to push out the maturity of its 8 7/8% senior secured callable bonds due Oct. 1, 2018 by one year to Oct. 3, 2019.

The change requires a two-thirds majority approval of bondholders at a meeting or by written resolution, according to a notice by bond trustee Nordic Trustee AS.

The voting deadline is 7 a.m. ET on Oct. 8.

The company is also asking for payments of interest and installments to be changed to quarterly as well as other changes.

“The proposed changes are expected to yield a more transparent and effective cash management reducing cost for the benefit of all stakeholders going forward,” the release noted.

An ad hoc committee of bondholders representing more than two-thirds of the voting bonds has said it will vote in favor of the proposal, the release noted.

The bonds were issued in 2013.

As reported July 5, the company obtained holder approval to extend the July 3 maturity of its senior secured callable bond issue 2013/2018 by temporarily waiving the maturity date payment obligation until Oct. 1.

Latina Offshore is the offshore division of Mexico-based Constructora y Perforadora Latina SA.

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