Latina Offshore amends proposal to postpone 8 7/8% repayment; meeting now set for July 18

By Wendy Van Sickle

Columbus, Ohio, June 30 – Latina Offshore Ltd. said it has canceled a meeting set for July 1 for bondholders to consider amending the terms of its 8 7/8% senior secured callable bond due 2018 following “constructive discussions” with some bondholders, according to a notice from bond trustee Nordic Trustee ASA.

The company has instead called a new meeting for bondholders to consider a revised proposal.

As previously reported, on June 15 the company issued a meeting summons for bondholders to vote on its proposal to postpone a $15 million repayment installment to Sept. 30 from July 3. After talking with bondholders since that summons, the company said it is now proposing to defer only $10 million of that repayment to Sept. 30 and to pay a $5 million installment on July 3.

As before, the company is still proposing to mandate that the summons for bondholders’ meetings be no later than five days prior to the meeting, instead of the current 10 days, among other administrative changes.

A meeting to consider the new proposal is scheduled for 1 p.m. GMT in Oslo on July 18.

In order to have a quorum, at least one-half of the voting bonds must be represented at the meeting. To approve the resolution, Latina said that bondholders holding more than two-thirds of the voting bonds must vote in favor of the proposal.

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

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