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Seven Energy, Savannah Petroleum reach acquisition implementation deal
By Caroline Salls
Pittsburgh, Feb. 13 – Seven Energy International Ltd. and Savannah Petroleum plc entered into an implementation agreement setting out the steps and conditions for the implementation of the restructuring of the Seven group and acquisition by Savannah of some Seven assets, according to a news release.
Concurrently with the signing of the implementation agreement, the company said a supplemental indenture was executed on the instructions of noteholders representing 96.04% of the Seven’s senior secured notes to make amendments to the indenture to facilitate the transaction.
Under an exchange offer and consent solicitation issued on Jan. 24, the company said the group is expected to transfer substantially all of its assets and cash generating businesses to Savannah, including the capital stock of Seven Energy (BVI) Ltd., the capital stock of Exoro Holding BV and Universal Energy Resources Ltd.
As a result, Seven said the guarantees provided by and security interests in the property, assets and capital stock of Seven Energy (BVI) and Seven Uquo Gas Ltd. will terminate, be discharged and be of no further effect.
Therefore, the capital stock and assets of Exoro, Universal, Seven Energy (BVI) and Seven Uquo will no longer comprise assets of the Seven group, and the existing notes will no longer benefit from guarantees or security interests related to any material operating assets.
Savannah said in a Feb. 4 news release that it has agreed to provide further liquidity to the Seven group during the restructuring period by way of an increase in the size of Seven’s liquidity facility to up to $28 million.
The Nigeria-focused energy company is based in Lagos and London.
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