GLAS appointed Trustee and Security Agent for debt restructuring, pre-pack administration and acquisition of Seven Energy

December 2019, London

Acting as Trustee, GLAS Trust Corporation Limited has been involved in the Seven Energy restructuring which started over two years ago in respect of the USD318 million 10.25% Senior Secured Notes due 2021 issued by Seven Energy Finance Limited. Savannah Petroleum acquired 96.04% of the Seven Energy Notes as part of an Exchange Offer and Consent Solicitation launched in January 2018.

As part of the restructuring, GLAS Trustees Limited has been appointed Note Trustee in respect of the new Senior Secured Notes due 2025, issued by Accugas Holdings UK, and as Security Agent in respect of the security package granted by former Seven Energy companies.

GLAS was advised by Dentons.

For more information, please contact media@glas.agency.