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QGOG pays interest on 6¼% notes, gets forbearance on 9% PIK notes
New York, June 8 – QGOG Constellation SA said it made the $3 million coupon payment on its 6¼% senior notes due 2019 within the 30-day grace period and entered into a forbearance agreement on its 9% cash/½% PIK senior secured notes due 2024.
The payment cured all defaults on the 6¼% notes, according to a news release.
For the senior secured notes, the company entered into a forbearance agreement with holders of more than 75% of the securities, Banco Bradesco SA and a majority of its project finance lenders.
As a result, the company will not be making the $27.3 million interest payment on those notes “at this time.”
QGOG described its action as “a strategic decision to facilitate ongoing negotiations with the company’s key stakeholders.”
It is aiming to achieve a “comprehensive re-profiling of its capital structure to match its operating business and the industry’s current economic environment,” according to the news release.
QGOG is a Rio de Janeiro-based provider of off- and on-shore drilling in Brazil through subsidiary Queiroz Galvao Oleo e Gas SA.
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