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LONDON, May 15, 2018 - (ACN Newswire) - 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
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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
Topic: Press release summary
Source: Sequa Petroleum NV
http://www.acnnewswire.com
From the Asia Corporate News Network
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