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Sound Energy seeks consents to amend 5% senior secured notes due 2021
By Marisa Wong
Los Angeles, April 9 – Sound Energy plc is soliciting consents from holders of its €28.8 million 5% senior secured notes due 2021 (ISIN: XS1434582885) to amend some conditions of the notes, according to a notice.
Specifically, Sound Energy is proposing to amend, among other things, the notes’ covenant to pay clause, order of payment clause, a condition relating to the interest rate and interest payment dates, a condition relating to the redemption at maturity, events of default, conditions on amortization payments and special redemptions and to add a new condition relating to conversion to shares.
The company is also proposing to issue warrants to each noteholder to subscribe for up to an aggregate amount of 99,999,936 ordinary shares of 1p each.
The consent solicitation expires at 5 a.m. ET on April 12.
A noteholders’ meeting will be held at 5 a.m. ET on April 14.
The meeting requires a quorum of one or more persons holding or representing at least 75% of the outstanding principal amount of the notes.
To pass, the extraordinary resolution requires a majority in favor consisting of at least three-quarters of the votes cast at the meeting.
If the meeting is adjourned, the quorum would drop down to one or more persons holding at least 25% of the principal amount of the outstanding notes. To pass at the adjourned meeting, the extraordinary resolution would still require a three-fourths majority.
Idexis Ltd. (+44 20 3858 0575, attn.: Sarah D’Souza/ Scott Boswell, se@idex-is.com) is the information and tabulation agent.
Sound Energy is an oil and gas exploration and production company based in Sevenoaks, England.
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