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UK: Hurricane Energy provides update on proposed financial restructuring

UK: Hurricane Energy provides update on proposed financial restructuring
14 May 2021
Further to the announcement made on 30 April 2021 regarding the proposed financial restructuring of the Group, the Company confirms that it today filed a claim form and draft explanatory statement at the High Court of Justice in London ahead of a convening hearing expected to be held virtually via video conference on 21 May 2021.
Purpose of the Convening Hearing
The purpose of the Convening Hearing is to seek directions for the convening and conduct of a virtual meeting of the holders of the Company s $230 million convertible bonds due 24 July 2022 for the purposes of considering, and if thought fit approving, the restructuring plan proposed under Part 26A of the Companies Act 2006. The Restructuring Plan process was commenced, as outlined in the Previous Announcement, with the issue of the practice statement letter to Bondholders on 30 April 2021. A copy of the practice statem ....

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Investegate |Hurricane Energy PLC Announcements | Hurricane Energy PLC: Update on Proposed Financial Restructuring

Further to the announcement made on 30 April 2021 (the Previous Announcement ) regarding the proposed financial restructuring of the Group (the Restructuring ), the Company confirms that it today filed a claim form and draft explanatory statement at the High Court of Justice in London ahead of a convening hearing (the Convening Hearing ) expected to be held virtually via video conference on 21 May 2021.

The purpose of the Convening Hearing is to seek directions for the convening and conduct of a virtual meeting (the Plan Meeting ) of the holders (the Bondholders ) of the Company s $230 million convertible bonds due 24 July 2022 (the Convertible Bonds ) for the purposes of considering, and if thought fit approving, the restructuring plan (the Restructuring Plan ) proposed under Part 26A of the Companies Act 2006 ( Part 26A ). The Restructuring Plan process was commenced, as outlined in the Previous Announ ....

United States , United Kingdom , City Of , Houlihan Lokey , Callum Stewart , Ancona Ben Simons , Philip Corbett , Antony Maris , Chris Sim Rahul Sharma , David Shilson Sunjeeve Patel , Rona Ridge , Aoka Mizu , Company The Exchange , Hurricane Energy , Lucid Issuer Services Limited As Information Agent , Group The Restructuring , Bondholders Of The Company , Ad Hoc Committee , Bondholders The Ad Hoc Committee , Investec Bank , Evercore Partners International , Stifel Nicolaus Europe , Spirit Energy , Lucid Issuer Services , High Court , Proposed Financial Restructuring ,

Investegate |Income Contingent Announcements | Income Contingent: Notice to Noteholders

to the holders of the following notes of the Issuer presently outstanding
£336,606,941.92 Class A1 Asset-Backed Floating Rate Notes due 2056 (ISIN: XS1722900518), £602,954,305.00 Class A2 Asset-Backed Fixed Rate Notes due 2056 (ISIN: XS1722900864),
£120,610,000.00
Class B Notes due 2056 (ISIN: XS1722900948) and £1,919,125,000.00 Class X Notes due 2056
(the Noteholders and the Notes , respectively)
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS.
NOTICE IS HEREBY GIVEN
by the Issuer to the Noteholders in accordance with Condition 16 (Notices to Noteholders) that the Issuer and the Master Servicer have amended the documents specified in this notice on 6 May 2021 in order to effect the Amendments (as such term is defined below). ....

United Kingdom , City Of , Sinead Osullivan , Owen Morris David Shilson , Ailsa Harris , Susan Acland Hood , Liability Management Group , Notice Of Base Rate Modification , Rate Modification , Financial Services , Applicable Base Rate , Lucid Issuer Services , Solicitation Agent Or Lucid Issuer Services , Contingent Student Loans , Registered Number , Backed Floating Rate Notes , Backed Fixed Rate Notes , Master Servicer , Amended Documents , Interest Rate , Base Rate Modification , Base Rate , Effective Date , Note Trust Deed , Master Definitions , Construction Agreement ,

Investegate |Income Contingent Student Loan Announcements | Income Contingent Student Loan: NOTICE OF A BASE RATE MODIFICATION

NOTICE IS HEREBY GIVEN by the Issuer to the Noteholders in accordance with Condition 16
(Notices to Noteholders) that the Issuer and the Master Servicer have amended the documents specified in this notice on 6 May 2021 in order to effect the Amendments (as such term is defined below).
We refer to the notice given by the Issuer to the Noteholders on 26 March 2021 which set out the intention of the Issuer to amend the Amended Documents to:
remove references to LIBOR ;
change the Applicable Base Rate to refer to a SONIA based rate;
change the interest rate calculation provisions in relation to the Applicable Base Rate to refer to a SONIA based rate; and ....

United Kingdom , City Of , Sinead Osullivan , Owen Morris David Shilson , Ailsa Harris , Susan Acland Hood , Liability Management Group , Notice Of Base Rate Modification , Rate Modification , Financial Services , Applicable Base Rate , Lucid Issuer Services , Solicitation Agent Or Lucid Issuer Services , Contingent Student Loans , Registered Number , Backed Floating Rate Notes , Backed Fixed Rate Notes , Master Servicer , Amended Documents , Retention Note , Interest Rate , Base Rate Modification , Base Rate , Effective Date , Note Trust Deed , Master Definitions ,

Investegate |Income Contingent Announcements | Income Contingent: Notice of Conclusion of Amendments

RNS Number : 8240X
06 May 2021

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.
If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom), or from another appropriately authorised independent financial adviser and such other professional advice from your own professional advisors as you deem necessary. ....

United Kingdom , City Of , Sinead Osullivan , Owen Morris David Shilson , Ailsa Harris , Susan Acland Hood , Liability Management Group , Notice Of Base Rate Modification , Rate Modification , Financial Services , Applicable Base Rate , Lucid Issuer Services , Solicitation Agent Or Lucid Issuer Services , Markets Act , Note Trustee , Security Trustee , Amended Documents , Contingent Student Loans , Registered Number , Backed Floating Rate Notes , Backed Fixed Rate Notes , Master Servicer , Interest Rate , Base Rate Modification , Base Rate , Effective Date ,