It makes you wonder how they are covering this payment? .......................................................... KrisEnergy announces full redemption of US$120,000,000 Senior Guaranteed Secured Bonds due 2016 Singapore, 30 December 2013 – KrisEnergy Ltd. (“KrisEnergy” or the “Company”), an independent upstream oil and gas company, refers to the US$85,000,000 principal amount of 10.5 per cent. Senior Guaranteed Secured Bonds due 2016 issued by KrisEnergy Holding Company Ltd. (“KEHCL”), its wholly-owned subsidiary on 21 July 2011 and the further issue of an additional US$35,000,000 principal amount of bonds (the “Bonds”) on the same terms on 31 May 2013. The Company informs that KEHCL will, on 30 January 2014, redeem the outstanding principal amount of US$120,000,000 of Bonds which matures on 21 July 2016. The Bonds will be redeemed at 105.25 per cent. of the principal amount (being US$126,300,000), together with the total amount of accrued interest of US$315,000. Bondholders should refer to the Notice to Bondholders dated 30 December 2013 which has been issued to them for further details on the redemption of the Bonds. There will be no outstanding Bonds following the above-mentioned redemption made by KEHCL. By Order of the Board Kelvin Tang Company Secretary 30 December 2013
.......................................... The bit that catches my eye is "The Bonds will be redeemed at 105.25 per cent. of the principal amount (being US$126,300,000), together with the total amount of accrued interest of US$315,000."
This looks like they are stumping up $US431M - where did they get that from?
NEN Price at posting:
38.5¢ Sentiment: Buy Disclosure: Held
