Arab Petroleum okay to amend two series of floaters due 2024

By Mary-Katherine Stinson

Lexington, Ky., June 23 – Arab Petroleum Investments Corp. reported that the extraordinary resolutions to change the terms and conditions of its $300 million floating-rate notes due April 2024 (ISIN: XS1966017672) and its $325 million floating-rate notes due December 2024 (ISIN: XS2082322822) were approved and the eligibility condition was satisfied at noteholders’ meetings on June 22, according to a notice.

As previously reported, the company was proposing to replace Libor with compounded SOFR as the interest basis and to add or amend benchmark fallback provisions for two series of notes.

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

Eligible noteholders who were eligible to participate were noteholders located and residing outside the United States and who were not U.S. persons under Regulation S.

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

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