Ben Oldman gains consent to redeem 10% senior notes on May 3

By Mary-Katherine Stinson

Lexington, Ky., May 2 – Ben Oldman Real Estate Secured Bond on April 26 gained noteholder approval to cancel its outstanding €20,894,700 10% senior secured notes due Oct. 23, 2023 (ISIN: XS1699865926) and will fully redeem and cancel the notes effective May 3, according to a notice.

As previously reported, the company will terminate the remaining outstanding loans and distribute the proceeds of the termination to noteholders. Consequentially, the company will pay an aggregate cash payment amount of €9,248,000 for the outstanding €20,894,700 of notes in order to cancel them.

The distribution date is May 3.

The bonds had been extended on two occasions from the original Oct. 23, 2021 maturity date.

According to a previous 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 expected internal rate of return was therefore around 9%.

Noteholder approval was received at the meeting on April 26 with the resolution vote subject to quorum of noteholders representing at least 50% of the outstanding notes. The resolution required 90% approval to pass.

The issuer is based in Luxembourg.

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