Paratus Energy Services seeks consents for secured notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., May 11 –Paratus Energy Services Ltd. began a consent solicitation to amend its senior secured notes due 2026 (ISINs: US81173JAC36, USG8000AAH61, US81173JAD19), according to a press release.

Noteholders are asked to waive any non-compliance and default events prior to or on the date of the effective time because of any failure by the company to fully comply with the reporting or compliance covenants. Noteholders are also asked to approve the amendment of the reporting covenant to state that Paratus is not required to deliver its audited 2022 consolidated financial statements for both the company and subsidiary SeaMex Group until Oct. 30.

The proposed amendments and waivers will become effective and operative upon receipt of the consents and the execution of a supplemental indenture, which may occur prior to the expiration time if the consents are received before that time. Consents are irrevocable after the effective time.

The consent solicitation will expire at 5 p.m. ET on May 18.

No consent fee or payment will be made in connection with the consent solicitation.

The consent solicitation is subject to certain conditions, including the receipts of consents from holders representing at least a majority in aggregate principal amount of the outstanding notes including, without limitation, PIK notes as of the record date of 5 p.m. ET on May 10. They will be considered together as a single class.

As of the record date, approximately $698,028,774 total principal amount of the notes are outstanding including the PIK notes.

Global Bondholder Services Corp. (855-654-2014, 212-430-3774, contact@gbsc-usa.com) is the information and tabulation agent for the consent solicitation.

Concurrently, a subsidiary of Paratus is seeking certain amendments to the notes outstanding under its note purchase and private shelf agreement dated Aug. 31, 2021 which corresponds to equivalent aspects of the proposed amendments and waivers.

London-based offshore drilling company Seadrill Ltd. subsidiary Seadrill New Finance Ltd. emerged from Chapter 11 bankruptcy in January 2022 as Paratus Energy Services Ltd. The notes due 2026 were issued when the company emerged from bankruptcy.

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