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REXLot splits up bond repayment plan, extends timeline to Jan. 31
By Angela McDaniels
Tacoma, Wash., Oct. 28 – REXLot Holdings Ltd. revised the repayment plan for its bonds, according to a company announcement.
The repayment plan is part of an agreement reached with shareholder “VC” and his Keen Start and Kingly Profits associates.
Under the revision, the deadline for step A was extended to Jan. 31 from Oct. 31, and the deadline for step D was extended to May 29, 2020 from Dec. 31.
Under the original terms of step A of the repayment plan, the company had planned to use about HK$600 million in cash to partially redeem some of its outstanding 2017 bonds and 2019 bonds and use about HK$353 million in cash to partially repay a shareholder loan.
Now the company will split step A into three partial repayments: the first by Nov. 22, the second by Dec. 31 and the third by Jan. 31. For each partial payment, the company will use about HK$200 million in cash to partially redeem bonds and HK$118 million to partially repay the shareholder loan.
Under step B, Keen Start will purchase the remaining outstanding bonds.
Under step C, the company will seek bondholder consent to waive any and all of its defaults under the terms of the bonds.
Under step D, VC and his associates will hold all of the then-outstanding bonds and the shareholder loan. The company, VC and his associates will then enter into a new shareholder loan agreement for this remaining debt.
The company said it revised the payment plan after discussions with the relevant parties and taking into consideration their views and the large amount of money involved.
Trading in the company’s shares was suspended on April 1, 2019 and will remain suspended until further notice.
Based in Hong Kong, REXLot provides machines and services to the Chinese lottery market.
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