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Frontera Announces Extension of the Consent Solicitation and a Change to the Consent Fee Payable to Consenting Noteholders Relating to the 9.700% Senior Notes Due 2023
Frontera Announces Extension of the Consent Solicitation and a Change to the Consent Fee P...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\nFrontera Announces Extension of the Consent Solicitation and a Change to the Consent Fee Payable to Consenting Noteholders Relating to the 9.700% Senior Notes Due 2023\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 19, 2018\n\n\n\nTORONTO, Nov. 19, 2018 /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"Frontera\" or the \"Company\") announced today (i) an extension of its consent solicitation and (ii) a change to the consent fee payable to consenting noteholders with respect to its previously announced consent solicitation to holders of the Company's U.S.$350 million aggregate principal amount of 9.700% Senior Notes due 2023 (CUSIP/ISIN 35905BAA5/US35905BAA5 and C35898AA00/USC35898AA00) (the \"Notes\") made pursuant to the consent solicitation statement dated November 13, 2018 (the \"Statement\").\nThe consent solicitation, which was scheduled to expire at 5:00 p.m. (New York City time) on November 20, 2018, has been extended to expire at 5:00 p.m. (New York City time) on November 23, 2018, unless further extended or earlier terminated by the Company in accordance with the Statement (the \"Expiration Date\").\nIn addition, the Company is amending the consent fee that will be payable to consenting noteholders. The previous consent fee was set at an aggregate amount of U.S.$3,500,000, to be distributed pro rata amongst all consenting noteholders.  The consent fee has been amended to be a fixed fee of U.S.$20 per U.S.$1,000 principal amount of Notes for which consents have been validly delivered by noteholders prior to the Expiration Date.\nAs announced on November 13, 2018, the Company is proposing certain amendments (the \"Proposed Amendments\") to the Indenture governing the Notes, which include amendments to certain restrictions relating to \"Limitations on Restricted Payments\" in the Indenture to, among other changes, (i) replace an existing U.S.$40 million basket permitting Restricted Payments (as such term is defined in the Indenture), with a new basket permitting Restricted Payments of up ...