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Eros STX has bondholder approval to extend maturity, waive covenants
Chicago, Sept. 20 – Eros STX Global Corp.’s bondholders have approved a maturity date extension and waiver for the U.K. retail bonds at the adjourned bondholder meeting on Sept. 20, according to a press release.
The meeting was for the £50 million 6½% bonds due Oct. 15, 2021 (ISIN: XS1112834608).
As a result of the approval at the meeting, the maturity date has been extended to April 15, 2023 from Oct. 15, 2021 and the interest rate will be increased to 8½% from 6½% starting with the extension.
Bondholders also approved extensions of the financial reporting covenants, extending the deadlines for audited financial statements for fiscal year ended March 31 and second quarter ending Sept. 30.
Also approved was a waiver of the financial covenants regarding the company’s leverage ratio and fixed charge cover ratio until the earlier of the release of the company’s interim financial statements for the six months ending Sept. 30, 2022 and Nov. 30, 2022.
The solicitation agent is Peel Hunt LLP (+44 20 7418 8900, erosstx@peelhunt.com), as previously reported.
Lucid Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, eros@lucid-is.com).
Eros STX Global is a global entertainment company that acquires, co-produces and distributes films, digital content and music across multiple formats. It has headquarters in Douglas, Isle of Man, and Burbank, Calif.
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