MRG Finance reports success of extraordinary resolution

By Mary-Katherine Stinson

Lexington, Ky., Oct. 25 – MRG Finance UK plc reported that the extraordinary resolution relating to the company’s €50 million 8¾% notes due Oct. 26, 2023 (ISIN: XS1897122278) was passed at the adjourned meeting on Oct. 25, according to a notice.

The resolution approved the extension of the maturity date by three years, to Oct. 26, 2026, and the move to in-kind payments for interest.

The approval allows the issuer to redeem the notes at any point after the original maturity date at the nominal amount plus any increased amount through the capitalization of accrued interest.

Should the issuer redeem the notes early, there will be no make-whole premium.

At least two noteholders were required to be present and represent at least 25% of the principal amount of notes outstanding for the meeting to be quorate. For the extraordinary resolution to pass, at least 75% of the votes cast had to be in favor.

Proxies or representatives were allowed to represent the noteholders.

Elavon Financial Securities DAC is the registrar and transfer agent.

The notes are guaranteed by Monaco Resources Group SAM (now known as Sonel Investments SAM).

The first meeting, scheduled for Oct. 11, was adjourned for lack of a quorum.

Notice of the original meeting was given on Sept. 19.

The guarantor is a global organization that specializes in infrastructure and sustainable commodities.

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