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Petroleos del Peru Petroperu receives consents to extend filing time
Chicago, May 31 – Petroleos del Peru - Petroperu SA received the requisite consents from its solicitation that started May 23 by the expiration time of 5 p.m. ET on May 31, according to a press release.
The company was soliciting consents for its 4¾% notes due 2032 (ISIN: US716564AA72, USP7808BAA54) and 5 5/8% notes due 2047 (ISIN: US716564AB55, USP7808BAB38) to approve certain proposed amendments to the indentures governing the notes.
Noteholders delivered consents for $958,553,000, or 95.86%, of the 4¾% notes and $1,750,014,000, or 87.5%, of the 5 5/8% notes.
One of the conditions of the consent solicitation was that the company obtain the consent of the lenders under its facility agreement to extend the timeframe within which the company must deliver the audited consolidated financial statements for the 2021 fiscal year to Sept. 30. The amendment became effective on May 30.
The company expects that on June 1 it will enter into a supplemental indenture to each indenture extending the timeframe for the delivery of its 2021 financial statements and provide that failure to deliver its financial statements by the new deadline would constitute and event of default. Additionally, the company will pay each consenting holder a consent fee of $1.50 for each $1,000 principal amount of notes.
Citigroup Global Markets Inc. (212 723 6106), HSBC Securities (USA) Inc. (888 HSBC-4LM) and Santander Investment Securities Inc. (212 940-1442) are acting as solicitation agents.
Global Bondholder Services Corp. is the tabulation and information agent (855 654-2014).
Petroperu is a state-owned petroleum company based in Lima.
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