OSX 3 Leasing won't make Dec. 20 interest payment, in standstill talks

By Caroline Salls

Pittsburgh, Nov. 21 - OSX 3 Leasing BV will not be in a position to make a Dec. 20 interest payment on its $500 million of 9¼% senior secured callable bonds due 2015 or a Nov. 20 retention account transfer, according to a letter to bond trustee Norsk Tillitsmann ASA.

The trustee said in a notice to bondholders that OSX 3 is in talks on a possible standstill arrangement in connection with various events of default that have occurred or are expected to occur on the bonds.

The company said a term sheet was circulated on Nov. 18 in response to the standstill request.

OSX 3 Leasing is a subsidiary of OSX Brasil SA, a Rio de Janeiro-based oil and gas holding company.

© 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.