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Mirland changes bond terms

Further to the Company’s announcement of 19 December 2014, following the downgrading of the Company’s rating by the rating agencies ‘Midroog’ (a subsidiary of Moody’s Investor Services) and ‘Maalot S & P’ (a subsidiary of Standard & Poor’s Rating Services), Mirland has announced a change in its interest rates on its bonds.

From 18 December 2014, the annual interest rate on its Series C and D bonds increases by 0.5% per annum (the maximum permitted increase under the original bond terms). The annual interest rate on the Company’s Series E and F Bonds increases by 1% per annum (again the maximum allowed). If they get upgraded again then there is scope to reduce the interest rates again.

A & B bondholders have agreed that he repayment of the principal and interest to the holders of series A and B bonds, set for 31 December 2014, will be temporarily postponed until 1 February 2015 in order to allow the parties to maintain a constructive dialogue. This period may be extended with the consent of the bondholders’ trustees and/or by resolution of the bondholders. Mirland also agreed to transfer US$11m into a trust account.

A further announcement will be made in due course.

MLD : Mirland changes bond terms

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