LONDON – Eros Media World PLC, a company registered on the Isle of Man, has announced the mandatory redemption of its £50,000,000 9.00 per cent bonds due 2026. The redemption is scheduled to take place on 10 March 2025, subject to the terms set out In the terms of the bond.
Bondholders will receive an upfront cash payment of £7.00 per £100 face amount of the bond, plus an approval fee of £0.50 per £100 face amount. The record date for determining the maturity of the cash consideration, which includes upfront and deferred cash considerations, is March 7, 2025. Noteholders must hold their Notes on this date to be eligible for payment. Any bonds purchased after the record date will not be entitled to cash consideration.
The overdue cash consideration, amounting to £57.50 per £100 face amount of the bonds, is expected to be paid within 12 months after 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 overdue cash consideration is guaranteed only to registered holders of the Notes, who will be registered by Truva Trust Corporation Plc, the appointed trustee. Bondholders may request a non-transferable receipt from the trustee to prove their entitlement to the late cash consideration, for a fee.
Eros Media World PLC took steps to secure this redemption by entering into a charge on the shares, and granting the trustee a security over the reserve shares on behalf of the registered noteholders. The exact date of payment of the overdue cash consideration will be announced on the Trustee's website.
This recall reflects the company's compliance with its financial obligations and is based on information provided by RNS, the news service of RNS. London Stock Exchange (line:). Distribution of this notice may be subject to legal restrictions in some jurisdictions.
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