MBB Clean Energy replaces global certificate of 6.25% bonds due 2019

By Susanna Moon

Chicago, Oct. 15 – MBB Clean Energy AG said it is planning to “repair” its 6.25% bonds due 2019 after the global certificate of the bonds were deemed invalid.

The previous global certificate of the 6.25% bonds will be replaced by a valid one with a new ISIN, according to a company press release.

Investors who will obtain new bonds in the replacement process include those who subscribed for the first tranche, “or otherwise acquired it for valuable consideration,” before Jan. 31, 2014 and specific investors who acquired the tranche for “valuable consideration” at a later stage, the release noted.

In the context of this process, the company also intends to pay interest due under the previous 6.25% bonds.

The new bonds will be issued according to the original terms and conditions. The invalid bonds of the tap tranche, which have not been paid in full, will be separated and canceled, the company said.

The company said that investors will be informed separately of the details concerning the replacement process, including the time schedule and the rebooking process by their depositary banks by way of a separate notice.

Bankhaus Gebr. Martin AG is the paying agent, and Clearstream Banking AG is the custodian.

The global certificate of the bonds issued in 2013 was deemed invalid by two independent legal opinions, according to a separate press release.

The company also said on May 5 that the upcoming interest payments of the bonds set for May 6 would be postponed for technical reasons.

Due to technical reasons related to the bond regulations, the waivers could not be properly completed, according to the company in another press release.

MBB aims to become one of the leading producers of “clean energy” with the acquisition and operation of European and international energy projects, a company release said. The company is based in Ottobrunn, Germany.

© 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.