KS Energy gets holder OK to extend 6% convertibles by three months

By Marisa Wong

Morgantown, W.Va., Sept. 21 – KS Energy Ltd. said holders voted unanimously to amend its S$45 million principal amount of 6% convertible bonds due 2016.

As a result, the bonds’ maturity date was extended to Dec. 21, 2016 from Sept. 21, 2016, and the redemption amount payable at maturity was increased, according to a company announcement.

The company said it sought bondholder approval in writing, and the measure was signed by or on behalf of holders of 100% of the outstanding convertibles.

The company said that it entered into a supplemental trust deed with Bank of New York Mellon, Singapore Branch on Wednesday.

The company had previously extended the maturity date from June 21, 2016 and, before that, from March 21, 2016.

KS Energy is a Singapore-based provider of services to the oil and gas industry.

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