REG - Sound Energy PLC - Publication of Bond Restructuring Proposals

Sound EnergyAnnouncement

03/11/2023 14:00

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RNS Number : 3831S  Sound Energy PLC  03 November 2023

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

3 November 2023

 
Sound Energy plc

 
("Sound Energy" or the "Company")

 

 

Publication of Bond Restructuring Proposals

 

Sound Energy, the Moroccan focused transition energy company, announces that,
following discussions with certain holders of the Company's Luxembourg
listed EUR 28.8m 5.0% senior secured notes due 2027 (the "Notes"), it has
today published a Consent Solicitation Memorandum in respect of a
restructuring of the Notes (the "Proposal") and that a meeting of the holders
of the Notes (the "Noteholders") has been convened to consider the Proposal
for 10:00 a.m. on 20 November 2023 (the "Noteholder Meeting").

 

Pursuant to the Proposal, the Company is seeking the consent of the
Noteholders to remove the current obligation to commence amortisation of the
Notes at a rate of 5.0% of the EUR 25.3m Note principal outstanding every six
months from 21 December 2023 until maturity in December 2027. Instead, and
should the Proposal be approved by Noteholders, the Notes would mature in full
in December 2027, with no prior amortisation. The remaining terms of the Notes
would be unchanged by the Proposal, with 40% of interest accruing on the Notes
continuing to be payable quarterly, with the remaining interest rolled up and
payable on the redemption of the Notes.

 

A copy of the Consent Solicitation Memorandum today sent to Noteholders is
available on the Company's website at www.soundenergyplc.com
(http://www.soundenergyplc.com/) .

 

 

Enquiries:

 

 Flagstaff Strategic and Investor Communications  sound@flagstaffcomms.com

 Tim Thompson                                     Tel: +44 (0)20 129 1474

 Mark Edwards

 Alison Allfrey

 Sound Energy                                     chairman@soundenergyplc.com

 Graham Lyon, Executive Chairman

 Cavendish Securities plc - Nominated Adviser     Tel: +44 (0)20 7397 8900

 Ben Jeynes

 Peter Lynch

 SP Angel Corporate Finance LLP - Broker          Tel: +44 (0)7789 865 095

 Richard Hail

 Gneiss Energy Limited - Financial Adviser        Tel: +44 (0)20 3983 9263

 Jon Fitzpatrick

 Paul Weidman

 Doug Rycroft

 

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