Mexico’s Oro Negro gets required votes to amend 7½% bond agreement

By Marisa Wong

Morgantown, W.Va., March 30 – Oro Negro Drilling Pte. Ltd. obtained the needed votes to amend its 7½% senior secured bonds, issue 2014/2019.

A bondholders’ meeting was held on Wednesday, there were sufficient bondholders present to form a quorum, and the resolution obtained 97.14% of the votes, according to a notice from bond trustee Nordic Trustee ASA.

The proposed amendments required support from at least two-thirds of the voting bonds represented at the meeting in order to pass. In order to achieve a quorum, at least half of the voting bonds had to be represented at the meeting.

On March 11, the issuer called the meeting to vote on some amendments relating to convening bondholder meetings in general and to provide for resolutions to be passed in writing, as previously reported.

Specifically, bondholders were 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 oil and gas services company is based in Alvaro Obregon, Mexico.

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