Sequa Petroleum takes steps to finish restructuring of 5% convertibles

By Caroline Salls

Pittsburgh, June 17 – Sequa Petroleum NV is taking steps to finalize the restructuring of its $300 million of 5% convertible bonds due 2020, of which $204.4 million remain outstanding, according to a company news release.

Sequa said it extended the expiration date for a consent solicitation launched on May 31 and amended the effective date on which the bonds will be canceled if the extraordinary resolution of the bondholders is passed.

The amended consent expiration date is the earlier of noon ET on July 5 and the date on which the consent solicitation agent receives the valid electronic instructions from the holders of not less than three-fourths in principal amount of the bonds.

Meanwhile, the effective date will be the date that is three business days after the consent expiration date.

If the extraordinary resolution of the bondholders is passed, each bondholder will receive 3.660045 ordinary shares for each $1.00 in principal amount of bonds held.

Sequa is an oil and gas reserves developer based in London and is a subsidiary of Sapinda, an investment holding company based in the Netherlands.

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