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Clear Leisure seeks to extend maturity of bonds to 2018, cut interest
New York, Nov. 28 – Clear Leisure plc is asking holders of its €9.9 million of redeemable bonds due Dec. 15, 2017 to extend the maturity and reduce the effective interest rate.
The company is proposing that the final payment date will be Dec. 15, 2018, according to an announcement.
In addition, the final payment amount will be reduced to 103.03% of par from the current 114.49% of par, giving an effective interest rate of 1% instead of the current 7%.
The company said that its directors have consulted with the company’s nominated adviser and consider the revised terms to be “fair and reasonable insofar as its shareholders are concerned.”
A meeting to approve the changes will be held at 5 a.m. ET on Dec. 16.
Bonds with a principal amount of €6.9 million are entitled to vote. Of this amount, €3 million are held by Eufingest, which will vote in favor of the changes.
Eufingest owns 27.52% of the company’s equity.
To approve the changes, there must be a quorum of 75% of voting bondholders at the meeting.
Clear Leisure is a London-based leisure- and property-focused investment company. Its holdings are mainly in Italy.
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