Arab Petroleum needs quorum, reschedules meetings for later in June

Chicago, June 8 – Arab Petroleum Investments Corp. rescheduled noteholder meetings to approve an extraordinary resolution to change terms and conditions for two series of notes, according to a notice.

The meetings will be held starting at 5 a.m. ET on June 22 after meetings scheduled for 5 a.m. ET on June 8 were not quorate.

The meetings relate to a consent solicitation for the company’s $300 million floating-rate notes due April 2024 (ISIN: XS1966017672) and $325 million floating-rate notes due December 2024 (ISIN: XS2082322822).

Specifically, the issuer is proposing to replace Libor with compounded SOFR as the interest basis and to add or amend benchmark fallback provisions.

The consent solicitation expired at 11 a.m. ET on June 5, but the new meetings have an adjourned expiration deadline of 11 a.m. ET on June 19 for voting instructions.

Eligible noteholders who can participate are noteholders who are located and reside outside the United States and are not U.S. persons under Regulation S.

Standard Chartered Bank (+44 20 7885 5739; liability_management@sc.com) is acting as solicitation agent, and Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130; apicorp@investor.morrowsodali.com; https://projects.morrowsodali.com/apicorp) is information and tabulation agent.

Arab Petroleum Investments is a government fund based in Saudi Arabia.

© 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.