Afren Issues Update on interim funding
As announced on 13 March 2015, the Company has entered into a conditional agreement with noteholders representing approximately 42% of the outstanding principal amount due under its 2016 Notes, 2019 Notes and 2020 Notes (the “Ad Hoc Committee”) for the provision of US$200 million in net interim funding (the “Interim Funding”) in the form of super senior private placement notes (the “PPNs”). The Company anticipated that the PPNs would be issued by the end of March 2015.
The Company is making good progress on satisfying the relevant conditions precedent to the provision of the Interim Funding and expects to finalise arrangements for completion of the Interim Funding imminently. Given the delay in completion of the Interim Funding, the Company now expects to release the Group’s 2014 full year results at the same time as the issue of the PPNs. The Company also expects to be able to announce the appointment of a new CEO at the same time.
Following the delay in the issue of the PPNs, Afren has obtained from the lenders of the US$300 million Ebok debt facility a further deferral of the US$50 million amortisation payment originally due on 31 January 2015 until 30 April 2015.
Further announcements will be made in due course.