EA Partners I B.V. $700,000,000 6.875% Notes due 2020 (ISIN: XS1293573397)

EA Partners II B.V. $500,000,000 6.750% Notes due 2021 (ISIN: XS1423779187)

(Collectively, the “Notes”)

  • Steering Committee in contact with substantially all noteholders
  • Discussions held with local noteholders in the UAE
  • Steering Committee looks forward to resolving consensually the ongoing Event of Default and information deficiencies by the underlying obligors

Following the extraordinary general meetings of noteholders convened by EA Partners I B.V. and EA Partners II B.V. on 3 December 2019 (the “EGM”), during which the proposed extraordinary resolutions were overwhelmingly passed, the steering committee of noteholders (the “Steering Committee”) is providing an update on current developments.

Following the passing of the EGM resolutions and after a series of recent meetings with strategic local noteholders in the UAE (the “Local Noteholders”), the Steering Committee confirms that it is now in contact with representatives of substantially all of the holders of the Notes.

The discussions with the Local Noteholders were focused on alternatives that would enable a consensual resolution of the issues pertaining to the Notes. These issues include an ongoing Event of Default with respect to interest payments due under the Notes and critical deficiencies in the provision of information by the underlying obligors as required under the various loan agreements.

The Steering Committee’s priority is to find a mutually agreeable solution that enables a final resolution of these matters. Accordingly, the Steering Committee looks forward to engaging constructively with the relevant stakeholders and invites Etihad, the underlying obligors and other interested related parties to work with the Steering Committee to identify a consensual path forward as expeditiously as possible.

The Steering Committee can be contacted via its financial adviser, PJT Partners (UK) Limited, at eapartners@pjtpartners.com.