Falcon holds fourth meeting in bid to extend 5˝% notes, amend terms

By Susanna Moon

Chicago, Aug. 11 – Falcon Energy Group Ltd. said it held a meeting Friday to update holders on the options for the upcoming maturity of its S$50 million of 5˝% series 001 notes due Sept. 19, 2017.

At the meeting, Falcon “provided a final update to noteholders on the indicative terms” of a potential bid to amend the notes, which will be announced if the company decides to hold the consent solicitation, according to the notice.

The company said on Aug. 4 that it is looking for a three-year extension on the notes.

At the third informal meeting, Falcon also told noteholders that it plans to seek to amend interest rates and to waive all note covenants by way of a consent solicitation.

As announced May 31, the company hired KPMG Services Pte. Ltd. as an adviser to conduct the independent business review.

The company has been advising investors “to exercise caution” in trading their shares and notes.

Falcon is an investment holding company based in Singapore that provides services to oil companies and contractors worldwide.

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