Mexico’s Latina Offshore gets OK to stop 100 bps step-up on 10% bonds

By Wendy Van Sickle

Columbus, Ohio, Aug. 19 – Latina Offshore Holding Ltd. received approval from bondholders at a Wednesday meeting to amend the agreement governing its 10% senior secured bonds due 2016, according to a notice from bond trustee Nordic Trustee ASA.

As previously reported, the amendment will remove the bonds’ step-up coupon provision.

The measure easily passed with 87.93% of the votes supporting it. The amendment required approval from bondholders representing more than two-thirds of the voting bonds for passage. In order to have a quorum, at least half of the voting bonds had to be represented at the meeting.

Passage of the resolution will keep the bonds’ fixed interest at 10%. Interest had been set to step up to 11% after July’s payment date.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.