Arab Petroleum seeks to amend interest benchmark for two 2024 notes

By Marisa Wong

Los Angeles, May 17 – Arab Petroleum Investments Corp. announced a consent solicitation for its $300 million floating-rate notes due April 2024 (ISIN: XS1966017672) and $325 million floating-rate notes due December 2024 (ISIN: XS2082322822).

The issuer is inviting holders of the notes to consent by way of extraordinary resolution at separate meetings to some changes to the terms and conditions of each series.

Specifically, the issuer is proposing to replace Libor with compounded SOFR as the interest basis and to add or amend benchmark fallback provisions.

The consent solicitation expires at 11 a.m. ET on June 5.

Meetings will be held at 5 a.m. ET on June 8 in London.

The issuer is not offering any consent fee.

Eligible noteholders who can participate are noteholders who are located and reside outside the United States and are not U.S. persons under Regulation S.

Standard Chartered Bank (+44 20 7885 5739; liability_management@sc.com) is acting as solicitation agent, and Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130; apicorp@investor.morrowsodali.com; https://projects.morrowsodali.com/apicorp) is information and tabulation agent.

Arab Petroleum Investments is a government fund based in Saudi Arabia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.