Sound Energy solicits consents for €28.8 million 5% bonds due 2021

By Susanna Moon

Chicago, Nov. 28 – Sound Energy plc is asking for amendments and waivers to €28.8 million principal amount of 5% notes due 2021 issued to Greenberry plc and other investors in a private placement.

The issuer is soliciting consents for the release of a first-ranking security interest over the entire share capital of Sound Energy Holdings Italy Ltd. and its replacement with a first-ranking security interest over the entire share capital of Sound Energy Morocco South Ltd., according to a company announcement.

The consent solicitation will remain open until noon ET on Dec. 7.

The issuer will hold a meeting on Dec. 12 in London to ask for the changes.

Sound Energy also is looking to add a meaning of asset disposal.

To form a quorum, the meeting requires one or more persons representing a clear majority of the outstanding notes. To pass, the measure must be passed by a majority consisting of at least 75% of the votes cast.

The company issued €28.8 million principal amount of 5% five-year bonds to Greenberry plc and other investors in a private placement at 32% discount on Sept. 14, 2016.

The tabulation agent is Bank of New York Mellon, London Branch (+44 1202 689644, fax +44 20 7964 2536 or debtrestructuring@bnymellon.com). The registrar is Bank of New York Mellon SA/NV, Luxembourg Branch (fax +352 24 52 5604 or LUXMB_SPS@bnymellon.com). The principal paying agent is Bank of New York Mellon, London branch (fax +44 20 7964 2536 or corpsov1@bnymellon.com).

Sound Energy is an oil and gas exploration and production company based in Sevenoaks, England.

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