Noble gives creditors instructions on restructuring claims

Creditors can risk participate in the US$625m new money debt.

Noble Group Limited has released an explanatory statement for its financial restructuring.

Scheme creditors that want to vote at the scheme meetings are required to submit a notice of claim or account holder letter to the company’s information agent, Lucid Issuer Services, by 5 November 2018, 5 p.m. in London time.

Creditors can also arrange for a hard copy to be delivered to Noble’s chairman by hand on 8 November 2018. They can also attend the scheme meetings on 8 November 2018 and vote in person.

Creditors that want to risk participate in the portion of the US$625m new money debt are required to submit a risk participation election notice to Lucid Issuer Services by 14 November 2018, 5 p.m.

Also read: Noble raises New Trading Hold Co bonds to US$300m

They will receive Tranche B New Asset Co Bonds and New Trading Co Bonds in exchange for some of their scheme claims. The rest of the claims will be exchanged for a combination of New Trading Hold Co Bonds and Senior Creditor special purpose vehicle (SPV) Shares.

Creditors that want to risk participate in the US$625m sum needed to enter into arrangements that will allow them to do so by 20 November 2018, 5 p.m., which is the restructuring effective date. “The steps will vary depending on, among other things, whether they are a Backstop Lender or a Participating Creditor,” Noble added.

Participating creditors should enter a risk participation arrangements with either a bank or the cash SPV. Creditors that will seek arrangements with the cash SPV have to agree that they will pay a nominal administrative fee and subscribe for bonds issued by the Cash SPV in an aggregate principal amount equal to their pro rata risk participation entitlement.

Also read: Noble forms investment holding firm in British Virgin Islands

Non-Participating Creditors will not be entitled to receive Tranche B New Asset Co Bonds and New Trading Co Bonds in exchange for their Scheme Claims, and will be entitled to receive New Trading Hold Co Bonds and Senior Creditor SPV Shares only.

Meanwhile, creditors that submit a notice of claim after the risk participation election deadline can only receive New Trading Hold Co Bonds and Senior Creditor SPV Shares if they have submitted their claims by the bar date, which is two months after the restructuring effective date.

Creditors that do not submit a valid claim by the bar date will have their claim fully and irrevocably released in accordance with the terms of the schemes and will not be entitled to receive any New Bonds and Senior Creditor SPV Shares or any other form of consideration under the schemes.

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