JAIPRAKASH POWER VENTURES LIMITED - Updates on U.S.$200,000,000 5.0 per cent. Convertible Bonds due 2015 (the "Bonds")

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Jaiprakash Power Ventures Limited - Updates on U.S.$200,000,000 5.0 per cent. Convertible Bonds due 2015 (the "Bonds")

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31 Mar 2015
Jaiprakash Power Ventures Ltd has informed BSE that the Bonds matured on February 13, 2015. The Company entered into a standstill agreement dated February 12, 2015 (as amended, the Interim Standstill Agreement) with certain holders of the Bonds (and certain other holders acceded to such Standstill Agreement at a later date) that collectively hold 81.04% per cent, of the aggregate principal amount of the Bonds. The Company then entered into a further standstill and voting agreement dated March 03, 2015 (the Standstill and Voting Agreement) with certain holders of the Bonds that collectively hold 81.04% per cent, of the aggregate principal amount of the Bonds (the Participating Bondholders).<BR><BR>Pursuant to the terms of the Standstill and Voting Agreement, the Company convened a meeting of bondholders on March 30, 2015 in Singapore (the Meeting) to consider the rescheduling of the Companys redemption obligations in respect of the Bonds (including the extension of the maturity date) (the Rescheduling). The Reserve Bank of India has approved the Rescheduling.<BR><BR>The terms of the Rescheduling were put to a vote at the Meeting and approved by bondholders holding 93.48 per cent, of the outstanding principal amount of the Bonds.<BR><BR>Further to the approval of bondholders, a supplemental trust deed was executed on March 31, 2015 to give effect to the Rescheduling, including extending the maturity date of the Bonds to February 13, 2016 and putting in place an instalment-based redemption during the extended tenor, including that the Company will pay US$25 million on March 31, 2015 and will pay a further US$75 million upon receipt of the proceeds of the sale of its Baspa-ll power project and Karcham power project.
View all announcements for Jaiprakash Power Ventures Limited	Source: BSE India

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