O1 Properties said the owners of Eurobonds of the change of control of the company, requests waiver
On July 4, Cyprus Riverstretch Trading & Investments Limited became the owner of 70.04% of class a shares and 58.39 of class B shares of O1 Properties Limited. This information is contained in a $350 million offer to owners of Eurobonds of SPV-company O1 Properties Finance Plc, published on Tuesday.
O1 Properties asks the owners to waive the right to demand early repayment of Eurobonds in connection with the change of control.
The report does not say whose interests are represented by Riverstretch Trading & Investments, said only that the new shareholder is currently conducting operational and financial due diligence of O1 Properties. At the same time, the company still owns a set of revenue generating assets and the new owner is confident in its ability to service the Eurobonds. However, at the moment the company is not able to repay them in full, if the holders exercise the right to demand early repayment, so O1 Properties asked them to pay off their waver.
Holders of Eurobonds who accept the offer before the early deadline (August 30) will receive $30 per $1000 face value. Those who accept the offer from August 30 until September 10, will receive $15. If we assume that the holders of all $ 350 million will accept the offer before the early deadline, getting the waver will cost O1 Properties $10.5 million bondholders meeting is scheduled for September 12, the announcement of the results-on September 13. The agent acts as Sberbank CIB.