RE: Load #5120 Nov 2019 16:09
I can't see anything yet to say the Company can elect to pay the cash even if the Brent price is below $65.
The Notes accrue a fixed coupon of 7 per cent. per annum payable semi-annually in arrear.
Interest under the Notes will only be payable in cash on an interest payment date if the cash payment condition is satisfied (the "Cash Payment Condition") as further described below. If the Cash Payment Condition is not satisfied in respect of an interest payment date, interest will not be paid in cash on that interest payment date and will be capitalised and satisfied by the issue of further additional notes to holders of the Notes outstanding at such time.
Interest on the Notes is to be paid on 15 February and 15 August in each year (each, an "Interest Payment Date").
The Cash Payment Condition will cease to apply (and thereafter all payments of interest will be made in cash) upon the earlier of: (A) the repayment in full of the Senior Facilities from cash generated from assets of the Group; or (B) the repayment or refinancing in full of the Senior Facilities on terms that enable the disapplication of the Cash Payment Condition and future interest on the Additional Notes to be paid in cash.
The "Cash Payment Condition" will be satisfied in respect of an Interest Payment Date (as determined by the Issuer) if (i) the average of the Daily Brent Oil Prices during the period of six calendar months immediately preceding the Cash Payment Condition Determination Date is equal to or above US$65.00; and (ii) as at the relevant Cash Payment Condition Determination Date, no payment "Event of Default" (as defined in the senior, secured revolving credit and letter of credit facilities agreement entered into by the Issuer dated 6 March 2012 (the "RCF Agreement") under the RCF Agreement has occurred and is continuing (which shall include, for the avoidance of doubt, any such event of default arising as a result of the aggregate amount of the loans and letters of credit outstanding thereunder exceeding the aggregate commitments under the RCFapplicable at such time).
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