Afren Requires ‘Significant’ Equity Funding Above Market Value
2015-01-27 07:18:55.662 GMT
By Benjamin Dow
(Bloomberg) -- Afren says assuming current debt structure
remains unchanged, there is equity funding requirement in excess
of co.’s current market cap (currently ~GBP200m).
* New funds will be required to meet interest, principal
repayments, working capital, reduced capex program
* Co. will have discussions with current stakeholders, new
third-party investors regarding recapitalization
* Board considers using 30-day grace period on $15m interest
payment due Feb. 1, is in talks on obtaining a deferral of
the $50m amortization payment due Jan. 31 from Ebok debt
lenders
* Co. has been advised that ad hoc committee of largest bond
holders has been convened
* Continues to be in talks with SEPLAT regarding possible
combination
* NOTE: Bondholders said to hire Blackstone as advisers,
Sunday Times reports
* Statement
For Related News and Information:
Top Stories:TOP<GO>
To contact the reporter on this story:
Benjamin Dow in Moscow at +7-495-771-7735 or
bdow2@bloomberg.net
Tim Barwell
2015-01-27 07:18:55.662 GMT
By Benjamin Dow
(Bloomberg) -- Afren says assuming current debt structure
remains unchanged, there is equity funding requirement in excess
of co.’s current market cap (currently ~GBP200m).
* New funds will be required to meet interest, principal
repayments, working capital, reduced capex program
* Co. will have discussions with current stakeholders, new
third-party investors regarding recapitalization
* Board considers using 30-day grace period on $15m interest
payment due Feb. 1, is in talks on obtaining a deferral of
the $50m amortization payment due Jan. 31 from Ebok debt
lenders
* Co. has been advised that ad hoc committee of largest bond
holders has been convened
* Continues to be in talks with SEPLAT regarding possible
combination
* NOTE: Bondholders said to hire Blackstone as advisers,
Sunday Times reports
* Statement
For Related News and Information:
Top Stories:TOP<GO>
To contact the reporter on this story:
Benjamin Dow in Moscow at +7-495-771-7735 or
bdow2@bloomberg.net
Tim Barwell