TFG Sukuk I Limited Aurum (Cayman) Limited signs Standstill Agreement (9137J)
August 21 2023 - 3:17AM
UK Regulatory
TIDM93DS
RNS Number : 9137J
TFG Sukuk I Limited
21 August 2023
Aurum (Cayman) Limited signs a Standstill Agreement with the Ad
Hoc Committee
Aurum (Cayman) Limited, one of Dubai's leading real estate
developer and property investment companies (the "Company") is
pleased to announce that it has signed an interim standstill
agreement (the "Standstill Agreement") with the Ad Hoc Committee of
Sukukholders (the "Ad Hoc Committee"), while they continue
discussions with respect to the reprofiling of the repayment
profile of the U.S.$135,000,000 Secured 10.50 per cent. amortising
Certificates due 2024 issued by TFG Sukuk I Limited (the "Sukuk").
The Standstill Agreement has been signed by Sukukholders who hold
in excess of 75% of the outstanding aggregate amount of Sukuk, the
required threshold to pass a consent solicitation.
The Standstill Agreement will be in place until the earlier of
18 September 2023 (unless otherwise extended) or the completion of
the amend and extend of the Sukuk. While discussions in this
respect continue, the Company has made payment, in full, of the
profit payment due under the Sukuk on 7 August 2023 and also made a
U.S.$2 million payment in respect of the principal payment that was
due on this date.
The Company remains committed to working collaboratively with
the Ad Hoc Committee to achieve a successful amend and extend that
is fair and equitable to all stakeholders and will make further
announcements in line with the progress of discussions.
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END
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