Seven Energy misses interest payments on its USD400 million notes

Indorama Eleme

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.