Sound Energy PLC Publication of Bond Restructuring Proposals (8777T)
30 March 2021 - 5:00PM
UK Regulatory
TIDMSOU
RNS Number : 8777T
Sound Energy PLC
30 March 2021
30 March 2021
Sound Energy plc
("Sound Energy" or the "Company")
Publication of Bond Restructuring Proposals
Sound Energy, the Moroccan focused upstream gas company ,
announces that it has today published a Consent Solicitation
Memorandum containing details of its proposal (the "Proposal") in
respect of a restructuring of the Company's Luxembourg listed EUR
28.8m 5.0% senior secured notes due 2021 (the "Notes") and that a
meeting of the holders of the Notes (the "Noteholders") has been
convened to consider the Proposal for 10:00 a.m. on Wednesday 14
April 2021 (the "Noteholder Meeting").
Pursuant to the Proposal, the Company is seeking the consent of
the Noteholders to:
-- Amend the maturity date of the Notes from 21 June 2021 to 21 December 2027;
-- Partially amortize the outstanding principal amount of the
Notes, at a rate of 5% every six months, commencing on 21 December
2023;
-- Convert of EUR 3 ,479,999 of the Notes, pro rata across
Noteholders, into a total of 141,176,448 new ordinary shares in the
Company, issued at a conversion price of 2.125 pence per new
ordinary share, half of these conversion shares to be subject to
three month lock-in and half to a six month lock-in;
-- Amend the interest rate payment structure that the Notes
shall bear until maturity from 5% per annum to 2% cash paid per
annum (the "Cash Interest") and 3% deferred interest per annum to
be paid at redemption (the "Deferred Interest") for the period
commencing on 21 June 2021; and
-- In addition to the Company's existing redemption rights,
provide the Company with the right, at any time until 21 December
2024, to redeem the Notes in full for 70% of the principal value
then outstanding together with any Cash Interest accrued and 100%
of the Deferred Interest then accrued at the date of
redemption.
As part of the Proposal, the Company is also proposing to issue
to the Noteholders 99,999,936 warrants to subscribe for new
ordinary shares in the Company at an exercise price of 2.75 pence
per ordinary share (the "Warrants"). The Warrants will be
exercisable from the date of issuance until 21 December 2027. The
Warrants will be listed and admitted for trading on the Luxembourg
Stock Exchange.
A copy of the Consent Solicitation Memorandum today sent to
Noteholders is available on the Company's website at
www.soundenergyplc.com .
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy chairman@soundenergyplc.com
Graham Lyon, Executive Chairman
Cenkos Securities - Nominated Adviser Tel: +44 (0)20 7397 8900
Ben Jeynes
Russell Cook
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Richard Hail
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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END
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