Speyside considers restructuring guaranteed secured bonds due 2028

By Cady Vishniac

Detroit, Nov. 3 – Speyside Renewable Energy Finance plc has announced that it is considering a restructuring of its 3% guaranteed secured bonds due June 13, 2028 (ISIN: XS1098384115).

On Oct. 2, the company announced the passing of an extraordinary resolution deferring payments of interest and principal due Sept. 30 to Oct. 31. New directors have since joined the board and begun review of the bonds, but proposing and agreeing to a new debt profile with bondholders by the Oct. 31 deadline was not possible.

Speyside will engage with the bondholders in due course to discuss any potential restructuring. Until a restructuring is agreed upon, the debt service for the bonds will continue under the original profile, save for the most recent payment deferred to Oct. 31 from Sept. 30.

The bonds continue to benefit from an unconditional and irrevocable guarantee of Speyside’s obligations in regard to the scheduled payment of all principal and interest, including the principal and interest deferred to Oct. 31 from Sept. 30.

The Kent, England-based company produces energy.

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