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Bond Market News
Road King Delays Consent Solicitation Process, Plans Revised Terms for Bondholders
July 15, 2025
Road King Infrastructure has announced a delay in its consent solicitation process for multiple series of its guaranteed senior notes due 2028, 2029 and 2030. Although the company received support from majority holders, they also received feedback from minority holders seeking clarifications and improvements to the proposed amendments and waivers. As a result, no extraordinary resolutions will be tabled or voted on at the scheduled meetings, and the proposed amendments will not become effective at this stage. Hence, proceeds towards the payment of interest under its July 2029s (which were due on 12th July) were not made. No event of default has arisen under the terms and conditions of the note which provide a 30-day grace period.
The company stated it is actively engaging with minority holders and intends to launch a new consent solicitation with revised terms before the amendment deadline of 18 July 2025. In the meantime, notes for which instructions have been submitted will remain blocked until further notice, though holders may choose to unblock their positions at any time.
Road King’s 6.7% 2028s are trading at 28 cents to the dollar.
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