Publication of Bond Restructuring Proposals
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596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018.
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.
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