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

By Marisa Wong

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

As a result, the bonds’ maturity date was extended to Sept. 21, 2017 from June 21, 2017, 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 already obtained several extensions of the maturity date, as previously reported. The bonds were originally set to mature on March 21, 2016.

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

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