Sequa Petroleum N.V. (the “Company”) Update
Further to its press release of 14 November, the Company has to date not received funds to pay the USD $5.11M Bonds coupon following its drawdown requests from the convertible loan facilities totalling USD 62.5M from Sapinda Invest Sarl and Sapinda Asia Limited (“Loans”). The Company has been informed that Sapinda is undertaking a fundraising exercise from which the Company expects funds to enable it to pay the coupon; however, the Company cannot provide certainty at this time.
By way of update on the Loans, since 14 November a further USD 957,600 was provided in three instalments meaning a total of USD 3,590,880 has now been received since 30 June 2016. The amounts received did not match the timing or quantum requested by the Company, and further funds will continue to be required for the Company to have sufficient liquidity to enable it to continue to trade. However, currently the Company expects it will be able to draw sufficient further funds for a period of time whilst the bond potential default is addressed.
To the Company’s knowledge no further action has occurred, or notice been received, regarding the Sequa Petroleum N.V. USD 300,000,000 5.00 per cent Convertible Bonds due 2020 (of which USD 204,400,000 in principal amount remain outstanding) (ISIN: XS1220076779) issued by the Company in April 2015 (“Bonds”).
The Company will provide further updates when available.
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or firstname.lastname@example.org