Mexico’s Oro Negro receives consents to allow written resolutions

New York, March 21 – Oro Negro Drilling Pte. Ltd. said it received the necessary consents from holders of its senior secured bonds due 2019 to make amendments relating to convening bondholder meetings and to provide for resolutions to be passed in writing, according to a notice from trustee Nordic Trustee ASA.

At a meeting in Oslo on March 21, there were sufficient bondholders present to form a quorum and 97.94% of the votes cast were in favor of the changes.

As announced on March 11, bondholders are being asked to vote on a proposal that would do the following:

• Amend and restate a clause of the bond agreement to state that the summons to a bondholders’ meeting shall be sent no later than five business days before the meeting and that the summons and a confirmation of each bondholder’s holdings of bonds “shall be sent to all bondholders registered in the securities depository at the time of the distribution. The exchange shall also be informed if the bonds are listed”;

• Add the definition of “written resolution” as “a written [or electronic] resolution for a decision making among the bondholders”; and

• Add a clause on written resolutions that specifies that anything that may be resolved by bondholders in a meeting may also be resolved by a written resolution. Under this clause, a person may request a matter be resolved by written resolution only.

The trustee would be required to send out a summons for the written resolution, including instructions on how and by when to vote on each item, to all bondholders in the securities depository and to publish the summons on its website or other relevant electronic platform or to issue a press release within three business days of the request.

The proposed amendments needed support from at least two-thirds of the voting bonds represented at the meeting. In order to achieve a quorum, at least one half of the voting bonds must be represented at the meeting.

Questions for the bond trustee may be directed to Olav Slagsvold (47 22 87 94 00).

The oil and gas services company is based in Alvaro Obregon, Mexico.

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