By Oke Peter
Seven Energy International Limited and its wholly-owned subsidiary, Seven Energy Finance Limited has announced an update on its capital restructuring.
The Group continues to progress discussions with Savannah Petroleum PLC and the Group’s lenders, including an ad hoc group of holders of the $300,000,000 10 ¼ % senior secured notes due 2021 (REG. S ISIN: XS1093755194 / 144A ISIN: XS1093754387) (the “SSNs”) (who are being advised by Moelis & Company and White & Case) and the US$100,000,000 10 ½ % notes due 2021 (ISIN USG80688AC17) (the “10 ½ %Notes”), as part of a comprehensive capital restructuring of the Group.
In the meantime, the Issuer will not make the interest payment which becomes due under the SSNs and the 10 ½% Notes today.
Source: Seven Energy
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