ABGSC acted as advisor to Sand Hill Petroleum in connection with the amendment of the bond terms

On Thursday 19 December, Sand Hill Petroleum published the result of the bondholder’s meeting announcing that a qualified majority has approved the proposed resolutions in relation to the company’s EUR 70m senior secured bond. Sand Hill Petroleum has amended the terms of the bond agreement to include a full covenant waiver throughout 2020 to be able to resolve the current challenging situation resulting from record low natural gas prices in Europe. Additionally, Warburg Pincus will inject a total of USD 12.8 million in equity. To accept the proposal, bondholders will receive a compensation of 0.75% upfront and an additional 1.00% at maturity.