General Announcement::NOTICE OF PROPOSAL TO DEFER LONG STOP DATE

Issuer & Securities

Issuer/ Manager
PB INTERNATIONAL B.V.
Securities
PB INTL USD200M7.625%N220126 - XS1555631925 - 68AB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
09-Mar-2022 21:42:59
Status
New
Announcement Sub Title
NOTICE OF PROPOSAL TO DEFER LONG STOP DATE
Announcement Reference
SG220309OTHRZ03D
Submitted By (Co./ Ind. Name)
Hudya Indah Panggita
Designation
Corporate Secretary
Effective Date and Time of the event
09/03/2022 17:00:00
Description (Please provide a detailed description of the event in the box below)
As Scheme Creditors will be aware, the Company has prepared and has been engaging Scheme Creditors on the various Restructuring Documents to be entered into pursuant to the terms of the Scheme. As at the date of this notice, the Company remains in discussions with Scheme Creditors (across each class) on each of these Restructuring Documents. Whilst the Company remains determined to successfully conclude all discussions pertaining to the Restructuring Documents (and to agree the form of the same) as soon as possible (and, to the extent possible, by the Long Stop Date), the Company is also mindful that there is limited time left for the same to be achieved. In the event that not all Restructuring Documents are agreed and/or executed by the Long Stop Date, the entire Restructuring will be jeopardised.

Accordingly, pursuant to Clause 2.10 of the Scheme, the Company hereby proposes that the Long Stop Date be deferred from 31 March 2022 to 30 June 2022 (the "Deferment"). Notwithstanding the Deferment, please be assured that the Company will (as it has and continues to) press on with concluding all discussions with Scheme Creditors on the Restructuring Documents as soon as possible (and, to the extent possible, by the Long Stop Date). The Deferment will simply serve to ensure that the entire Restructuring is not jeopardised in the event that one or more Restructuring Documents are not agreed and/or executed by 31 March 2022.

Pursuant to Clause 2.10 of the Scheme, the Company may in good faith defer the Long Stop Date if (a) the Deferment is approved by Scheme Creditors whose Accepted Scheme Claims in aggregate represent at least 35% in value in respect of each class of Scheme Creditors ("Approval Threshold"); and (b) the Company has not defaulted on the payment of any interest (excluding default interest) owing to Scheme Creditors under the Existing Notes Indenture (in the case of Noteholders) or under the Existing Facilities (in the case of Scheme Creditors that are creditors thereunder) that has an originally scheduled payment date that falls within the period commencing from the Scheme Notice and ending on the date on which the Approval Threshold is met.

No consent fee will be paid in relation to the Deferment.

(Please see complete notice as attached)

Attachments

Notice of Deferment of Long Stop Date.pdf
Total size =237K