Paladin Energy gets holder OK to extend convertibles, defer interest

By Susanna Moon

Chicago, May 19 – Paladin Energy Ltd. said it obtained the needed consents to amend its $212 million of outstanding convertible bonds due April 30, 2017 at the meeting held Thursday in London.

Holders representing 84% of the outstanding bonds were present at the meeting and unanimously voted in favor of the proposed changes, according to a company update on Friday.

As a result, the convertibles were amended to defer the maturity and interest payment to Sept. 30, 2017.

The company said on April 26 that it was looking to extend the convertibles to Sept. 30, 2017 and to defer the interest due April 30 until the extended maturity date, with interest accruing on the principal and the accrued interest.

Before that, on Jan. 9, the company said it planned to restructure its balance sheet and that it had secured binding support from bondholders representing 57% of the 2017 convertible bonds and 41% of the 2020 convertible bonds.

Paladin is a Perth, Australia-based uranium mining company.

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