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Ben Oldman seeks consent to cancel 10% senior notes
By William Gullotti
Buffalo, N.Y., April 4 – Ben Oldman Real Estate Secured Bond, citing the war in Ukraine and Covid, proposed a resolution to cancel its outstanding €20,894,700 10% senior secured notes due Oct. 23, 2023 (ISIN: XS1699865926), according to a notice on Tuesday.
As previously reported, the bonds have been extended on two occasions from the original Oct. 23, 2021 maturity date.
According to the notice, the issuer did not receive payment of accrued interest on seven loans out of 40 that were originated as a result of “challenging economic conditions” arising due to war in Ukraine as well as the pandemic.
The company intends to terminate the remaining outstanding loans and distribute the proceeds of the termination to noteholders. Consequentially, the company intends to offer an aggregate cash payment amount of €9,248,000 for the outstanding €20,894,700 of notes in order to cancel them.
A noteholders’ meeting is scheduled on April 26 at 4 a.m. ET, with the resolution vote subject to quorum of noteholders representing at least 50% of the outstanding notes. Block voting instructions must be received no later than April 24 at 4 a.m. ET.
If a quorum is not met, the meeting will be adjourned until May 5, at the same time, where a quorum will not be required for a vote. Block voting instructions for the adjourned meeting must likewise be received by the same time on May 3.
Regardless of vote date, the resolution requires 90% approval to pass.
The meeting will be held via Zoom conference call (+1 507 473-4847, Meeting ID: 881 9289 1796, access code: 762097).
The issuer is based in Luxembourg.
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