RCom convenes meeting of holders of USD 300-mn bonds on Mar 6

Debt-ridden telecom firm Reliance Communications today said it has called a meeting on March 6 of the holders of its USD 300 million senior secured bonds for considering certain proposals, relating to asset monetisation.
The transaction is subject to requisite consents and approvals as may be required, it said.
The company had issued USD 300 million worth senior secured notes, secured at 6.5 per cent and due in 2020.
The meeting would be held at London on March 6, 2018.
"Reliance Communications Ltd has convened a meeting of the holders of its USD 300 million Senior Secured Notes due 2020 for the purpose of considering, and if thought fit, passing, certain proposals relating to its asset monetisation as more fully described in the Notice of Meeting issued to the holders of the Bonds," the company said in a regulatory filing.

It further added: "The transaction is subject to requisite consents and approvals as may be required."

Last week, RCom had skipped payment of debentures worth Rs 375 crore which was due on February 7.
"The company has not made payment of 3rd instalment of Rs 375 crore of principal on NCD's (non-convertible debentures) which was due on February 7, 2018," RCom had said in a regulatory filing.
It said the company is in strategic debt restructuring (SDR) invoked by JLF (joint lenders forum comprising holders of Non Convertible Debentures) and that no record date shall be fixed for payment on NCDs.