Following the announcement made on 26 March 2020, KCA Deutag is pleased to announce today that it has entered into a standstill agreement (the Standstill Agreement) with:
- the holders of 40.8% of the aggregate principal amount of the 7.25% Senior Secured Notes due 2021 (ISIN Code: US48244LAA61 / USG5222MAA39) (the 2021 Notes);
- the holders of 73.1% of the aggregate principal amount of the 9.875% Senior Secured Notes due 2022 (ISIN Code: US48244LAC28 / USG5222MAB12) (the 2022 Notes);
- the holders of 57.8% of the aggregate principal amount of the 9.625% Senior Secured Notes due 2023 (ISIN Code: US48244LAE83 / USG5222MAC94) (the 2023 Notes and, together with the 2021 Notes and the 2022 Notes, the Notes with any holder of the Notes being a Holder); and
- lenders holding 73.9% of the total commitments under the credit agreement originally dated 16 May 2014 (the Credit Agreement with any lender under the Credit Agreement being a Lender and any term loan lender under the Credit Agreement being a Term Loan Lender)
The standstill arrangements and other terms of the Standstill Agreement are effective immediately. Subject to the terms of the Standstill Agreement, the standstill arrangements will remain in place until at least 31 July 2020 and can be extended with the consent of the required majority of the relevant creditors.
Each member of the ad hoc committee (the Ad Hoc Committee) of Holders and Term Loan Lenders, who collectively hold USD775,208,000 of Notes (representing 59.2% of the total outstanding Notes) and USD264,051,990.66 of the term loan under the Credit Agreement (representing 64.8% of the total outstanding term loan) has signed or acceded to the Standstill Agreement.
All of the revolving credit facility lender under the Credit Agreement (the RCF Lenders) have also entered into the Standstill Agreement, except one which has indicated that it is considering doing so shortly.
Source: KCA Deutag
