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Frontera Announces the Successful Completion of a Consent Solicitation to Amend the Indenture Relating to its Senior Notes Due 2023
Frontera Announces the Successful Completion of a Consent Solicitation to Amend the Indent...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\nFrontera Announces the Successful Completion of a Consent Solicitation to Amend the Indenture Relating to its 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 26, 2018\n\n\n\nReceives Consent of Holders of 91.16% in Aggregate Principal Amount\nConsent Gives Company Flexibility to Implement Additional Measures Expected to Enhance Shareholder Value\n TORONTO, Nov. 26, 2018 /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"Frontera\" or the \"Company\") reported today that it has successfully completed the previously announced solicitation of consents (the \"Consent Solicitation\") with respect to certain proposed amendments to the Indenture governing 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\"). The Company received the consent of holders of 91.16% in aggregate principal amount outstanding of the Notes, significantly above the required consent threshold of a majority of the principal amount outstanding of Notes.\nThese amendments give the Company flexibility to use existing cash resources and projected future cash resources to implement measures expected to enhance shareholder value. These measures may include accelerating or increasing share buyback programs, dividend payments and investments. No decision has been made by the Company to make any such payments at this time, other than its existing share buy-back program.\nGabriel de Alba, Chairman of the Board of Directors of the Company, said:\n\"The successful consent solicitation is an overwhelming vote of confidence by our bondholders in Frontera's credit profile and long-term outlook for free cash flow. With the enhanced capital allocation flexibility it gives the Company, this consent opens new avenues for the Board to increase value for Frontera shareholders. While continuing to make disciplined decisions and taking actions to close the stock's valuation gap, we can now move forward with evaluati...