LONDON – Eros Media World PLC, an Isle of Man incorporated company, has announced a mandatory redemption of its £50,000,000 9.00 per cent bonds due 2026. The redemption is scheduled to take place on March 10, 2025, according to the terms set forth in the terms of the bond.
Noteholders will receive an upfront cash consideration of £7.00 per £100 face amount, with a consent fee of £0.50 per £100 face value. The reference date for determining the right to cash compensation, which includes both upfront and deferred cash compensation, is March 7, 2025. Bondholders must hold their bonds on this date to be eligible for payment. All bonds purchased after the record date will not be entitled to cash compensation.
The deferred cash consideration, of £57.50 per £100 face value of the bonds, is expected to be paid within 12 months of the mandatory redemption date. This payment is contingent on the sale of reserve shares, as detailed in the Consent Solicitation Memorandum dated August 19, 2024.
Payment of the deferred cash consideration is provided only to registered bondholders, which will be registered by Truva Trust Corporation Plc, the appointed trustee. These bondholders may request a non-transferable certificate from the trustee to evidence their right to deferred cash compensation, subject to compensation.
Eros Media World PLC has taken steps to secure this redemption by entering into a Charge over Shares, giving the trustee a charge over the reserve shares on behalf of the registered bondholders. The exact date of payment of the deferred compensation will be published on the website of the bankruptcy trustee.
This buyback reflects the company’s adherence to its financial obligations and is based on information from RNS, the news service London Stock Exchange (LON:). Distribution of this notice may be subject to legal restrictions in certain jurisdictions.
This article was generated with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.
