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Paratus Energy obtains consents for loan conversion
By William Gullotti
Buffalo, N.Y., April 17 – Paratus Energy Services Ltd. received the requisite consents from holders of its senior secured notes due 2026 (ISINs: US81173JAC36, USG8000AAH61, US81173JAD19) for a loan conversion, according to a press release on Monday.
As previously reported and per the amended and restated indenture of the notes, dated Jan. 20, 2022, early conversion of the loan into ordinary shares in the capital of Archer required noteholder consent.
As of the consent solicitation expiration on April 14, the company received the necessary approval for the early conversion of a convertible loan, originally dated May 27, 2016, made by subsidiary Paratus JU Newco Bermuda Ltd. to Archer Ltd.
Further details, such as those pertaining to the aggregate outstanding amount of the loan, execution date and subsequent share conversion, were not disclosed in the press release.
London-based offshore drilling company Seadrill Ltd. subsidiary Seadrill New Finance Ltd. emerged from Chapter 11 bankruptcy in January 2022 as Paratus Energy Services. The notes due 2026 were issued when the company emerged from bankruptcy.
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