Hilong Completes Restructuring of 9.75% Bonds Due 2024
MT Newswires Live
Yesterday
Hilong (HKG:1623) said it completed the restructuring of its previously issued 9.75% senior secured notes that were due in 2024, according to a Hong Kong bourse filing Friday.
Shares of the oil field equipment and services provider were up over 1% in morning trade Monday.
Under the restructuring, the company paid $1 per $1,000 principal to consenting holders plus an overall payment of $49.7 million to all holders on a pro rata basis.
Furthermore, the principal on the bonds was restructured to $317.4 million and maturity extended to Feb. 5, 2030.
The firm also distributed $2.9 million in restated notes to holders on a pro rata basis, it said.
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