LONDON - MRG Finance UK PLC, a subsidiary of the Monaco Resources Group S.A.M. (now known as Sonel (WA:SONP) Investments S.A.M.), has announced a proposal to amend the terms of its EUR 50,000,000 8.75% notes due October 26, 2026. The announcement, which concerns the Series 1 Notes issued under a £300,000,000 Euro Medium Term Note Programme, was made on Wednesday.
The proposed amendments include advancing the maturity date from October 26, 2026, to June 30, 2025, and altering the redemption basis so that the notes will be redeemed at 2% of their nominal amount. Additionally, it would modify the final redemption amount of each note to match the new redemption basis.
The company has convened a meeting of the Series 1 Noteholders to be held on December 19, 2024, at the offices of Norton Rose Fulbright LLP in London, where the note holders will vote on the extraordinary resolution to enact these amendments. If passed, the resolution will also permit the company to execute a Second Supplemental Trust Deed to effectuate the changes.
The proposed adjustments to the terms of the Series 1 Notes are significant for note holders, as they would result in an early redemption of the notes at a reduced payout. MRG Finance UK PLC and Monaco Resources Group S.A.M. have advised note holders to consult their own independent professional advisors if they are unsure of the impact of the proposed changes.
MRG Finance UK PLC has made available for inspection documents relevant to the proposed changes, including the Principal Trust Deed, the First Supplemental Trust Deed, and the draft Second Supplemental Trust Deed. Noteholders can access these documents at the principal office of the Issuing and Paying Agent in London or request electronic copies.
The Trustee, U.S. Bank Trustees Limited, has not been involved in the negotiation of the extraordinary resolutions and has not expressed an opinion on the merits of the proposed amendments. The Trustee has authorized the notice of the meeting but recommends that note holders seek their own advice.
This news is based on a press release statement by MRG Finance UK PLC.
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