Ghana's Saderea bondholder committee seeks better deal than Eurobonds
Top highlights of the week driven by REDD's recognised team of journalists and analysts.
Highlights of the week:
REDD LATAM: Constellation Oil Service tests the market for new equity, debt issuances
In 2022, Constellation Oil Services finalized its second debt restructuring after seeing a decline in day rates for its drilling contracts, mostly with state-owned oil company Petrobras. Fast forward to today, Constellation is now actively engaging investors for debt and equity transactions that will help clean up its capital structure. The company is planning a new bond and a listing in Oslo. REDD has all the exclusive details of the new deal.
REDD ASIA: Asia Private Credit highlights
REDD Intelligence exclusively reported that Indian property developer Century Sheltors was in talks with private credit fund Ares to refinance at least USD 65m equivalent in debt (https://app.reddintelligence.com/home/news/news189371).
In Australia, Adelaide-based travel company Experience Australia Group, trading as Journey Beyond, obtained an AUD 495m (USD 333m) senior secured loan from a syndicate of lenders (https://app.reddintelligence.com/home/news/news189179/pm).
REDD CEEMEA: Ghana's Saderea bondholder committee seeks better deal than Eurobonds
The bondholder committee of the defaulted Saredea USD 253.2m 12.5% bonds due 2026, which is considering legal action against Ghana’s government, is seeking better debt treatment than the country’s Eurobonds, REDD’s Giovanni Riva reported this week.
Saderea creditors view their claim as enjoying stronger structural enhancements—including a guarantee by the country’s central bank—than Ghana’s Eurobond debt, warranting tailored and better debt treatment.
Ghana still needs to restructure USD 2.5bn of non-bonded commercial debt and Saderea bonds to finalize its USD 31bn comprehensive sovereign debt treatment.
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