Paratus Energy Services gains consents for secured notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., Feb. 22 – Paratus Energy Services Ltd. received the requisite consents to amend its senior secured notes due 2026 (ISINs: US81173JAC36, USG8000AAH61, US81173JAD19), according to a press release.

The consent solicitation expired at 5 p.m. ET on Feb. 16.

The proposed amendments and waivers will become effective and operative upon execution of a supplemental indenture, which will happen shortly, according to the press release.

As previously reported, noteholders were asked to approve the following: to waive any non-compliance and default events prior to or on the date of the effective time in connection with any failure by the company to comply in full with the reporting or compliance covenants, to amend the reporting covenant so that the company is not required to deliver any financial statements or other information until March 31, to adjust the period of notice the company must give to pay interest amounts due for an interest period partly or wholly in cash, to eliminate any requirement that the trustee must deliver notice of a default event that has been waived, and amend the indenture to specify that failure to list the notes will not constitute a default or default event.

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

The consent solicitation was 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 8 a.m. ET on Feb. 3. They were considered together as a single class.

As of the record date, $681,003,681 total principal amount of the notes are outstanding including, without limitation, the PIK notes.

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

Concurrently, SeaMex Finance Ltd., a subsidiary of Paratus, was 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. The consents were granted in this case also.

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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