Sound Energy PLC Publication of Bond Restructuring Proposals (3831S)
04 November 2023 - 12:51AM
UK Regulatory
TIDMSOU
RNS Number : 3831S
Sound Energy PLC
03 November 2023
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constitute inside information as stipulated under the Market Abuse
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3 November 2023
Sound Energy plc
("Sound Energy" or the "Company")
Publication of Bond Restructuring Proposals
Sound Energy, the Moroccan focused transition energy company ,
announces that, following discussions with certain holders of the
Company's Luxembourg listed EUR 28.8m 5.0% senior secured notes due
2027 (the "Notes"), it has today published a Consent Solicitation
Memorandum in respect of a restructuring of the Notes (the
"Proposal") 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 20 November 2023 (the "Noteholder Meeting").
Pursuant to the Proposal, the Company is seeking the consent of
the Noteholders to remove the current obligation to commence
amortisation of the Notes at a rate of 5.0% of the EUR 25.3m Note
principal outstanding every six months from 21 December 2023 until
maturity in December 2027. Instead, and should the Proposal be
approved by Noteholders, the Notes would mature in full in December
2027, with no prior amortisation. The remaining terms of the Notes
would be unchanged by the Proposal, with 40% of interest accruing
on the Notes continuing to be payable quarterly, with the remaining
interest rolled up and payable on the redemption of the Notes.
A copy of the Consent Solicitation Memorandum today sent to
Noteholders is available on the Company's website at
www.soundenergyplc.com .
Enquiries:
Flagstaff Strategic and Investor sound@flagstaffcomms.com
Communications Tel: +44 (0)20 129 1474
Tim Thompson
Mark Edwards
Alison Allfrey
Sound Energy chairman@soundenergyplc.com
Graham Lyon, Executive Chairman
Cavendish Securities plc - Nominated Tel: +44 (0)20 7397 8900
Adviser
Ben Jeynes
Peter Lynch
SP Angel Corporate Finance LLP - Tel: +44 (0)7789 865 095
Broker
Richard Hail
Gneiss Energy Limited - Financial Tel: +44 (0)20 3983 9263
Adviser
Jon Fitzpatrick
Paul Weidman
Doug Rycroft
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END
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