Seven Energy International Limited said it will further restructure its USD300 million notes. This means it will default in paying interests as earlier scheduled.
The company said in a statement that the Group continues to progress discussions with Savannah Petroleum PLC and the Group’s lenders, including an ad hoc group of holders of the $300,000,000 10 ¼ % senior secured notes due 2021 (REG. S ISIN: XS1093755194 / 144A ISIN: XS1093754387) (the “SSNs”) (who are being advised by Moelis & Company and White & Case) and the US$100,000,000 10 ½ % notes due 2021 (ISIN USG80688AC17) (the “10 ½ % Notes”), as part of a comprehensive capital restructuring of the Group.
Seven Energy confirmed that it will not make the interest payment which becomes due under the SSNs and the 10 ½% Notes today.