Sequa Petroleum N.V. (the Company) Update
23 Décembre 2016 - 5:30PM
Further to its press release of 14
November, the Company has to date not received funds to pay the USD
$5.11M Bonds coupon following its drawdown requests from the
convertible loan facilities totalling USD 62.5M from Sapinda Invest
Sarl and Sapinda Asia Limited ("Loans"). The Company has been
informed that Sapinda is undertaking a fundraising exercise from
which the Company expects funds to enable it to pay the coupon;
however, the Company cannot provide certainty at this time.
By way of update on the Loans,
since 14 November a further USD 957,600 was provided in three
instalments meaning a total of USD 3,590,880 has now been received
since 30 June 2016. The amounts received did not match the timing
or quantum requested by the Company, and further funds will
continue to be required for the Company to have sufficient
liquidity to enable it to continue to trade. However, currently the
Company expects it will be able to draw sufficient further funds
for a period of time whilst the bond potential default is
addressed.
To the Company's knowledge no
further action has occurred, or notice been received, regarding the
Sequa Petroleum N.V. 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) issued by the Company in April
2015 ("Bonds").
The Company will provide further
updates when available.
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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