Sequa Petroleum N.V. Bonds Update
May 15 2018 - 3:36AM
Sequa Petroleum
N.V. Bonds Update
Further to its press releases of
14 November 2016, 17 March, 15 May and 14 November 2017, Sequa
Petroleum N.V. (the "Company") notes that a further potential
default has occurred under the Company's USD 300,000,000 5.00 per
cent Convertible Bonds due 2020 of which USD 204,400,000 in
principal amount remain outstanding (ISIN: XS1220076779, SEQ01 PRO
EC) issued by the Company in April 2015 (the "Bonds"). The
potential default is failure to pay $5.11M interest under article
10 (a) of the Terms and Conditions of the Bonds in respect of
the interest period to 30 April 2018 and the failure to
remedy this potential default within 14 calendar days
from that date.
It is noted that the anticipated
Bond restructuring will address the defaults as well as the overdue
coupons. The Company's current cash balances, together with
restructuring of its Bonds and possibly new equity and/or debt
funds will enable the Company to progress high quality acquisition
targets of production and development assets that are expected to
be value-accretive to its Bondholders and shareholders.
Cautionary
notice
This press release contains
information that qualifies as inside information within the meaning
of Article 7(1) of the EU Market Abuse Regulation.
This communication includes
forward-looking statements. All statements other than statements of
historical facts may be forward-looking statements. Words such as
possibly, expected and value accretive or other similar words or
expressions are typically used to identify forward-looking
statements. Forward-looking statements are subject to risks,
uncertainties and other factors that are difficult to predict and
that may cause actual results of the Company to differ
materially from future results expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to, risks relating to the Company's ability to acquire
new opportunities; generate positive cash flows; general economic
conditions; turbulences in the global credit markets and the
economy; geopolitical events; the possibility to restructure the
Bonds and other factors discussed in the Company's public filings
and other disclosures. Forward-looking statements reflect the
current views of the Company's management and assumptions based on
information currently available to the Company's management.
Forward-looking statements speak only as of the date they are made,
and the Company does not assume any obligation to update such
statements, except as required by law.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Sequa Petroleum NV via Globenewswire
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