PCAS bondholders to vote at meeting whether to extend maturity to 2016

By Angela McDaniels

Tacoma, Wash., July 1 - PCAS will seek bondholder approval to extend the maturity of its €19,999,800 of Obsar (bonds with attached warrants) to Dec. 31, 2016 from Dec. 31, 2012, according to a company news release.

In return for the extended maturity, the company will increase the coupon, which is 5¼%, and the bond redemption price, which is 101% of par.

Bondholders will vote at a meeting, the date of which has not been set.

The company said it wants to restructure its debt. On June 30, it reached an agreement with its banks to put in place amendments covering the repayment of its €16.45 million of syndicated loans over a five-year period. The final installment on the loans had been scheduled for April 2013.

These amendments will take effect once the bondholders have agreed to the maturity extension.

PCAS is a chemical company based in Longjumeau, France.

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