Yuksel Insaat proposes scheme of arrangement to restructure 9½% notes

By Caroline Salls

Pittsburgh, Oct. 27 – Yuksel Insaat AS proposed a scheme of arrangement designed to implement a restructuring of its 9½% senior notes due 2015, according to a notice released Tuesday.

Under the proposed restructuring, $110 million will be used to partially repay the notes at par. Yuksel said the debt to repaid is composed of a $9.5 million coupon payment due Nov. 10 and a $100.5 million principal redemption payment.

The terms of the remaining notes will be amended. The new maturity date of the remaining notes will be March 31, 2016.

The company said it will have the option to fully and finally settle all outstanding amounts due under the amended and restated notes at any time before the new maturity date through a $40 million optional redemption.

In addition, an outstanding event of default on the notes will be irrevocably waived.

A scheme directions hearing is expected to be held on Nov. 9.

As previously reported, Yuksel said last month that the holders of 67.49% of its $200 million of 9½% senior notes due 2015 granted consents during the consent solicitation that began Sept. 17.

The company said the consents received are enough to make the requested changes needed to allow the company to restructure the notes under an English scheme of arrangement.

Yuksel Insaat is a construction company based in Ankara, Turkey.

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