The board at ELPE (Hellenic Petroleum) has proposed an optional revision of specific terms offered for company bonds to mature in 2017 and 2019, according to a briefing published on May 12, the day after the company posted its first-quarter results. This indicates that new a bond issue is in the making.
Judging by the generous bonuses offered to bond holders should they accept the revised terms, ELPE hopes that bond holders will adopt the requested changes. Extraordinary meetings have been planned by bond holders for June 3, when decisions will be made. Any decisions reached will apply collectively.
“Our objective is to handle all ELPE bond holders uniformally,” a company source responded when asked why the company would like to revise the terms for bond maturing in 2017 and 2019.