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India’s Eros Media still working on making coupon payment due in October
By Mary-Katherine Stinson
Lexington, Ky., Dec. 29 – Eros Media World plc, formerly Eros STX Global Corp., said that it continues to work on making the coupon payment due on its £50 million of 9% bonds due 2026 (ISIN: XS1112834608). As previously reported, the coupon payment was due on Oct. 16, and payable by Oct. 30.
In a previous notice dated Oct. 31, the company stated it was committed to resolving the payment situation as soon as possible and would make the payment shortly.
M&G Trustees Ltd. is the trustee.
As previously reported, the company began a tender offer and consent solicitation for the bonds on March 8, 2023, but the offer and solicitation didn’t settle as scheduled.
The company had offered to buy up to £25 million of the notes, and not less than £15 million. The tender offer was oversubscribed.
The company then proposed to repurchase no less than £2 million of the notes and settle the repurchase by March 31, 2024. The deadline was subsequently modified to 11 a.m. ET on March 21, 2024.
The purchase price remains unchanged at £60 per £100 note.
The company notes in a release on Friday that its 2023 annual financial statements are delayed, according to a notice.
Eros said it will be able to produce the financial statement by Jan. 31.
The company cited “unforeseen and exigent delays,” which have prevented it from providing the annual financial statement to the trustee by Dec. 31, as required by the terms of the company’s recent consent solicitation.
The company noted in a prior announcement that it already paid the consent fee in May. No further consent fee is payable in connection with the ongoing buyback. The consent solicitation was concluded as of April.
Eros is an entertainment company based in Mumbai.
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