Far East Consortium International has again deferred a distribution on $360 million in perpetual capital notes, postponing the payment scheduled for October 18th following an earlier deferral in April.
In an October 2nd filing, the Hong Kong-listed group said issuer FEC Finance had notified noteholders that the payment would be deferred to the next distribution payment date under the notes’ terms. The deferral includes accumulated unpaid distributions and additional distribution amounts.
Far East Consortium operates across property development and investment, hotel operations, car parks and gaming. Its gaming interests include a controlling stake in Palasino, which operates casinos in the Czech Republic, and an investment in the Queen’s Wharf Brisbane integrated resort in Australia.
FEC Finance previously notified holders on April 1st that it would defer the distribution scheduled for April 18th. The notes are unconditionally and irrevocably guaranteed by Far East Consortium.
The latest postponement was made under Condition 5.1 of the notes’ terms and conditions. The $360 million represents the principal amount of the notes, rather than the distribution being deferred.
Far East Consortium said it would make further announcements as appropriate.
