BVI-domiciled China Cablecom Holdings Ltd., a consolidated cable network operator in China, on October 9 2009 announced the completion of its placement of US$33 million in aggregate principal amount of 12% Senior Secured Notes, which is due October 2015; then the company announced the immediate redemption of US$13.9 million of Senior Secured Notes, arranging for the cash repayment and reducing the aggregate principal amount of New Notes from US$33 million to US$19.1 million.
The BVI company will use net proceeds from the transaction to satisfy the remaining obligations to the Hubei SOE. The New Notes are not registered with the Securities and Exchange Commission and may not be offered or sold in the U.S.
On the same day, China Cablecom Holdings announced the closing of a comprehensive restructuring of its outstanding debt obligations, which strengthens the BVI company’s balance sheet by reducing the overall principal amount of its long-term debt obligations and eliminating cash interest obligations on the new debt securities issued in exchange for its outstanding notes. Under the restructuring, China Cablecom’s existing debt holders exchanged approximately US$47 million in current debt obligations for an aggregate total of $23.5 million in new secured and unsecured promissory notes, and 65,799,286 newly issued shares of Class A Preferred Stock, representing approximately 66.2% of the company’s ordinary shares outstanding after the closing of the restructuring and a concurrent offering of new senior secured notes.
Archive for the ‘BVI Company share placement’ Category
China Cablecom announces $33 mln offering and debt restructuring
Sunday, October 11th, 2009Posted in BVI Company share placement, BVI Company strategy | No Comments »
BVI holding Chaarat Gold places 18.6 mln new Ordinary Shares
Tuesday, May 19th, 2009Chaarat Gold Holdings Ltd, the BVI-registered holding, announced that it has placed 18,558,281 new Ordinary Shares at 12% per share, representing approximately 20.5% of the issued ordinary share capital immediately after the placing, to raise approximately £2.1million net of expenses for the company.
The shares are being placed with both existing and new investors, as well as company directors. After the completion of the placing, the BVI company will have cash resources of approximately £2.3 million. The shares are issued credited as fully paid, and will rank on the same level as the existing ordinary shares.
The company will apply for the placing shares to be admitted to trading on the London Stock Exchange AIM market, and it is expected that admission will take place and that trading will commence in such shares on or about 11 May 2009.
Canaccord Adams has entered into a placing agreement with the BVI company, pursuant to which it agreed to use its reasonable endeavours to place the shares at the Placing Price.
Upon admission, the company will have 90,441,714 Ordinary shares of $0.01 each in issue. The shares are being placed with both existing and new investors, as well as company directors.
Posted in BVI Company placing agreement, BVI Company share placement, BVI company contracts | No Comments »