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Prospect News home > News index > List of issuers Tenders > Headlines for 2022 > News item
Published on 4/14/2022 in the Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

UAE’s Borets extends consent solicitation for 6˝% notes due April 7

Chicago, April 14 – United Arab Emirates’ Borets Finance DAC is extending the consent solicitation for its $155,566,000 outstanding notes from the $330 million issue of 6˝% guaranteed notes due April 7, 2022 (ISIN: US09973BAA70), according to an announcement.

The consent deadline has been moved to noon ET on April 22 from noon ET on April 13.

Already, the company has received consents from noteholders representing 75% of the notes by the original deadline. The company needs consents from noteholders representing 90% of the notes to make the changes.

Borets is seeking consents to extend the notes by one year, to April 7, 2023.

Additionally, all of the interest payments due between the original maturity date and the extended maturity date would be due on the new date.

The company could redeem the notes at par any time over the next year.

Noteholders are being offered a $3.50 consent fee per $1,000 note.

The consent solicitation started on April 5.

The company did not make the principal payment that was due on April 7.

The group said that it is evaluating a number of options if the consent solicitation does not succeed, including making the principal payment within the grace period.

The company cites the Russia-Ukraine conflict as the problem as the group is unable to draw down the funds needed to pay the principal on the notes.

The information and tabulation agent is i2 Capital Markets Ltd. (+44 20 3633 1212, info@i2capmark.com).

Russia-focused Borets Finance is a subsidiary of Borets International Ltd., which makes electrical submersible pumps for the oil and gas industry and has its global headquarters in Dubai.


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