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India’s Eros Media provides update regarding 9% bonds due 2026
Chicago, July 5 – Eros Media World plc, formerly Eros STX Global Corp., provided an update regarding its £50 million of 9% bonds due 2026 (ISIN: XS1112834608), pertaining to which the company had previously run a tender offer and consent solicitation announced on March 8, but the offer and solicitation never settled.
The company had offered to buy up to £25 million of the notes, and not less than £15 million. The tender offer was oversubscribed. The offer was for a purchase price of £60 per £100 note.
The company is now proposing to repurchase £2 million of the notes and settle the repurchase by March 31, 2024.
Bondholders who tendered their notes will be allowed to revoke their repurchase instructions so that their bonds are no longer blocked in the clearing systems.
The company may still increase the repurchase total before the settlement date.
Additionally, as part of the update, the company, Eros Worldwide FZE and M&G Trustee Co. Ltd. executed a security deed on June 30 in order to create security over certain intellectual property and other intangible rights held by the Eros Worldwide FZE for the benefit of the trustee on behalf of the bondholders.
The company or Eros Worldwide may dispose of all or any part of the secured assets without the consent of the trustee, security trustee or bondholders provided that at least half of the proceeds of any such disposal are used to repay the bonds.
The grant of security as described above is in line with the undertaking given by the company in the repurchase and consent solicitation memorandum dated March 8.
Eros previously provided an update that it had not made the coupon payment due in April.
That coupon payment was subsequently made in May.
The missed coupon payment was holding up the consent fee that was to be paid to eligible bondholders pursuant to the consent solicitation.
The consent fee has also now been made.
Eros is an entertainment company based in Mumbai.
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