Business
Summons to bondholders' meeting
Summons to bondholders' meeting.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4920Y Genel Energy PLC 06 December 2017 \n\n6 December 2017\n \n \n \nGenel Energy plc\n \nSummons to bondholders' meeting - refinancing of GENEL01\n \nGenel Energy plc ('the Company' or 'the Parent') hereby announces that it has instructed the trustee for the GENEL01 bonds (ISIN: NO 001 0710 882) ('GENEL01' or 'the Bonds') to summons a bondholders' meeting to resolve a refinancing of the existing Bonds. The Company proposes to refinance GENEL01 through a partial early redemption and debt reduction by replacing the existing Bond Agreement with a new USD 300 million bond agreement. Bondholders holding a significant proportion of the Bonds have confirmed their commitment to vote in favour of the proposal.\n \nIn the proposal, the Company seeks to reduce its existing bond debt from the currently outstanding USD 421.8 million to USD 300 million, and at the same time extend maturity through amending and restating terms to a new 5 year bond with a coupon of 10% per annum. Bondholders will, on a pro-rata basis, receive a partial early redemption of USD 121.8 million in cash at the prevailing call premium of 103% of par value. The remaining USD 300 million outstanding Bonds will remain outstanding with the same ISIN but with new and amended terms as set out in the term sheet described in detail in the summons for bondholders' meeting (available at www.stamdata.com). \n \nThe bondholders meeting will be held on 20 December 2017 at 09:00 CET at the premises of Nordic Trustee AS. If approved, cash settlement and amendment of terms are expected to take place on 22 December 2017, subject to approval by the bondholders' meeting.\n \nThe Company has mandated DNB Markets and Pareto Securities as managers for the contemplated transaction. \n \n-ends-\n \nFor further information, please contact:\n \n\n\n\n\nGenel Energy\nPhil Corbett, Head of Investor Relations\nAndrew Benbow, Head of Public Relations\n\n\n+44 20 7659 5100\n\n\n\n\n \n\n\n \n\n\n\n\nDNB Markets\nFixed income sales \n\n\n+47 24 16 19 30\n\n\n\n\n \nPareto Securities\n\n\n \n+47 22 87 87 70\n\n\n\n\nFixed income sales\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nVigo Communications\n\n\n+44 20 7830 9700\n\n\n\n\nPatrick d'Ancona\n\n\n&...