www.sys-con.com
Clarendon Alumina and Jamaica announce amendments to the fiscal agency agreement
Edited by : AL CIRCLE
2 min read
Government of Jamaica announced today the issuance of an aggregate principal amount of US$161,904,731 of its 8.50% amortizing notes due 2021. The 2021 Jamaica Notes were issued in connection with Jamaica's offer to exchange with Eligible Holders outstanding 8.50% amortizing notes due 2021 issued by Clarendon Alumina Production Limited and guaranteed by Jamaica for the 2021 Jamaica Notes. Eligible Holders representing 100% of the outstanding aggregate principal amount of the CAP Notes validly tendered their CAP Notes and Jamaica validly accepted such tenders pursuant to the terms of the Exchange Offer.
CAP and Jamaica announced today amendments to certain provisions of the fiscal agency agreement under which the CAP Notes were issued. Holders representing 100% of the outstanding aggregate principal amount of the CAP Notes delivered consents to the Amendments as part of a solicitation of Consents to the Amendments conducted by CAP.
The Amendments have the effect of eliminating certain covenants, change of control restrictions and events of default contained in the CAP Fiscal Agency Agreement that afford protection to the holders of the CAP Notes. The Consents delivered in the Consent Solicitation were in excess of the majority required for the approval of the Amendments. A supplemental fiscal agency agreement was executed today to implement the Amendments and the Amendments are effective as of the execution of the supplemental fiscal agency agreement.
The Exchange Offer and the Consent Solicitation were carried out in connection with an alumina sales agreement that was entered into between CAP and Noble Resources Ltd. on June 17, 2013, pursuant to which CAP will provide and perfect a security interest for the benefit of Noble over the approximately 45% interest it holds as a co-tenant in common in the assets of Jamalco, a joint venture with Alcoa Minerals of Jamaica, an indirect subsidiary of Alcoa Inc. This security interest is expected to be granted after the date hereof.
CAP and Jamaica announced today amendments to certain provisions of the fiscal agency agreement under which the CAP Notes were issued. Holders representing 100% of the outstanding aggregate principal amount of the CAP Notes delivered consents to the Amendments as part of a solicitation of Consents to the Amendments conducted by CAP.
The Amendments have the effect of eliminating certain covenants, change of control restrictions and events of default contained in the CAP Fiscal Agency Agreement that afford protection to the holders of the CAP Notes. The Consents delivered in the Consent Solicitation were in excess of the majority required for the approval of the Amendments. A supplemental fiscal agency agreement was executed today to implement the Amendments and the Amendments are effective as of the execution of the supplemental fiscal agency agreement.
The Exchange Offer and the Consent Solicitation were carried out in connection with an alumina sales agreement that was entered into between CAP and Noble Resources Ltd. on June 17, 2013, pursuant to which CAP will provide and perfect a security interest for the benefit of Noble over the approximately 45% interest it holds as a co-tenant in common in the assets of Jamalco, a joint venture with Alcoa Minerals of Jamaica, an indirect subsidiary of Alcoa Inc. This security interest is expected to be granted after the date hereof.
Previous article
China’s alumina imports down during July 2013
Next articleOutotec to deliver a technology license for a potential alumina refinery in the UAE
Grow with
AL Circle
