More than 50% of holders of FESCO Eurobonds maturing in 2018 and 2020 acceded to the agreement on the fixing of intent (Standstill And Lock-Up Agreement) in order to facilitate debt restructuring, says the company.
Paying the first fee for securing commitment and the Commission for fixation of intentions for September already subscribing holders of dollar-denominated bonds to be settled within 5 working days from the date of the event (or, if the holder joined later, within 5 business days after the date of accession to the agreement).
The group also confirms that, in accordance with the terms of the agreement, the first payment of the Commission for fixation of intentions (as well as subsequent commissions in the amounts specified in the agreement) will be made only to those holders of dollar-denominated bonds that have acceded to the agreement until October 4, 2017.
As previously reported, the agreement is to facilitate the implementation of the restructuring if the terms of the agreement conditions. It is valid until October 31, 2017, and may be renewed.
The group offers to other holders of dollar-denominated bonds to accede to the agreement to provide for a restructuring.