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Sterling Resources announces update to Bond Redemption plans, potential Recapitalization and summoning of Bondholder meeting
Sterling Resources announces update to Bond Redemption plans, potential Recapitalization a...
About this update from Petrotal Corp.
[{"type":"text","content":"\n\n\n\nSterling Resources announces update to Bond Redemption plans, potential Recapitalization and summoning of Bondholder meeting\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.prngen2{\nBORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prngen3{\nBORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\nSterling Resources announces update to Bond Redemption plans, potential Recapitalization and summoning of Bondholder meeting\nCanada NewsWire\nCALGARY, Feb. 29, 2016\n\n\n\nCALGARY, Feb. 29, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) (\"Sterling\" or the \"Company\" and together with its subsidiaries the \"Group\") announces an update on plans to redeem the US$225 million senior secured bond with current outstanding amount of US$180 million (ticker on Nordic ABM exchange: STRE01 PRO) (the \"Bond\"), issued by its UK subsidiary Sterling Resources (UK) Ltd. (\"Sterling UK\"), a potential recapitalization of the Group and the summoning of a meeting of holders of the Bond (\"Bondholders\") to be held on March 7, 2016.\n\nBackground\n\nIn accordance with the approval of the Bondholders at a Bondholder meeting held on November 6, 2015, various amendments and waivers were made to the terms and conditions governing the Bonds as previously announced (the \"Third Amendment Agreement\").  These included deferral of the October 30, 2015 Bond amortization instalment, suspension of payments to a blocked and charged account used for debt service purposes, and introduction of a set of refinancing milestones intended to achieve a redemption of the Bond as soon as practically possible and in any event on or before February 29, 2016 that would result in the repayment in cash in full of all of the o...