AusGroup seeking breather from provisions of S$110m notes
Singapore
AUSGROUP is seeking a breather from the provisions of the trust deed and notes of S$110 million that were issued under its S$350 million multi-currency debt issuance programme. The notes came with a coupon rate of 7.45 per cent and are originally due to mature next month.
Under the consent solicitation launched on Tuesday, the oilfield services provider is proposing to obtain a waiver for any non-compliance or potential non-compliance with various provisions as well as to obtain the approval of noteholders to make certain amendments to the trust deed and the notes (including, but not limited to, the deletion of the financial covenants). It also wants to extend the original maturity date to Oct 20, 2018, with certain additional obligations to noteholders.
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