Sequa Petroleum restructuring consent solicitation deadline extended

By Caroline Salls

Pittsburgh, July 8 – Sequa Petroleum NV’s bondholder restructuring consent solicitation expiration date has been extended because of a technical adjustment to the settlement process, according to a news release.

As previously reported, Sequa is taking steps to finalize the restructuring of its $300 million of 5% convertible bonds due 2020, of which $204.4 million remain outstanding.

The amended consent expiration date is the earlier of noon ET on July 19 and the date on which the consent solicitation agent receives the valid electronic instructions from the holders of not less than three-fourths in principal amount of the bonds.

The effective date will be the date that is three business days after the consent expiration date.

Each bondholder will receive 3.660045 ordinary shares for each $1.00 in principal amount of bonds held.

Sequa is an oil and gas reserves developer based in London and is a subsidiary of Sapinda, an investment holding company based in the Netherlands.

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