LUXEMBOURG, Dec. 7, 2018 /PRNewswire/ -- Constellation Oil Services Holding S.A. ("Constellation" or the "Company"), formerly known as QGOG Constellation S.A., has been involved in discussions and negotiations with certain holders (and investment managers for certain holders) (each, a "Noteholder") of the 9.00% Cash / 0.50% PIK Senior Secured Notes due 2024 (the "2024 Notes") issued by the Company pursuant to that indenture dated as of July 27, 2017 by and among the Company, the subsidiary guarantors party thereto from time to time and Wilmington Trust, National Association, as trustee, paying agent, transfer agent and registrar.
Discussions with Members of the Ad Hoc Committee
Following the execution of confidentiality agreements entered into as of October 18, 2018 (the "Confidentiality Agreements") with certain members of an ad hoc committee of Noteholders (the "Ad Hoc Committee"), representatives of the Company and the Company's financial and legal advisors (the "Company Representatives") met in person and by telephone with representatives of the Ad Hoc Committee and the Ad Hoc Committee's financial and legal advisors (the "Ad Hoc Committee Representatives") to discuss the terms of a possible consensual restructuring, recapitalization, reorganization, refinancing and/or amendment of the 2024 Notes and related matters (a "Potential Transaction"), and exchanged proposals representing the terms of a Potential Transaction (each, a "Proposal"), which the Company is required to make public under the Confidentiality Agreements (such materials, collectively, the "Cleansing Materials").
Subsequent to these discussions, the Company has reached an agreement in principle with a majority of the 2024 bondholders, subject to definitive documentation and approval by the parties to that certain plan support agreement entered into in connection with the restructuring proceedings.
The Cleansing Materials are set forth in a consolidated written presentation of each Proposal described above (collectively, the "Cleansing Presentation"). All information contained in the Cleansing Presentation is accurate as of the date of when delivered to such stakeholders, and has not been updated since such date of delivery. Such information should not be relied upon for any purposes. In accordance with its obligations under the Confidentiality Agreements, the Company has posted the Cleansing Presentation on a section of its website that is readily accessible to the public. The Proposals of each of the Company Representatives and the representatives of and/or financial and legal advisors to the Ad Hoc Committee each represent the last best term sheet or similar document in respect of any Proposal(s) made by or on behalf of such party and delivered to each of the Company and the Ad Hoc Committee Representatives.
Certain Other Important Information
In addition to the disclaimers and qualifiers set forth in the Cleansing Materials, all statements made in the Cleansing Materials are in the nature of settlement discussions and compromise, are not intended to be and do not constitute representations of any fact or admissions of any liability and are for the purpose of attempting to reach a consensual compromise and settlement. Nothing contained in the Cleansing Materials is intended to or shall be construed to be an admission or a waiver of any rights, remedies, claims, causes of action or defenses. The information contained in the Cleansing Materials is for discussion purposes only and shall not constitute a commitment to consummate any transaction, or otherwise take any decisions or actions contemplated in the Cleansing Materials.
Furthermore, the contents of the Cleansing Materials shall not be construed as guidance by the Company in relation to its future results, and the Company does not assume and expressly disclaims any responsibility to update such contents or information at any time.
This press release is neither an offer to sell nor the solicitation of an offer to buy any security. This press release is also not an offer to purchase or a solicitation of an offer to purchase with respect to any security, nor is this press release a solicitation of any consent to any amendments with respect to the 2024 Notes or any other security.
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the "forward-looking statements." The Company undertakes no obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.
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SOURCE Constellation Oil Services Holding S.A.