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Sino-Ocean Gets Bondholders Consent to Amend 2023s
August 2, 2023
Sino-Ocean said it obtained consent at its bondholders meeting to amend the terms of its $497m 6.25% 2023s. The company’s first and second consent solicitations failed to achieve a quorum at its meetings on June 21 and July 17. This time it achieved the required quorum and majority of votes to amend the terms. Sino-Ocean had launched the consent solicitation to extend the maturity of its 6.25% bonds due June 2023 by 6 years, while lowering the coupon to 5% and changing the frequency to annual from semi-annual.. It included a payment-in-kind option at an interest rate of 6%. Besides, it also included waiving any defaults and extending the grace period for coupons and principal payments to 45 days and 30 days from the existing 14 days and 7 days respectively.
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