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Golden Energy buys NOK 128 million bonds at 28.9 in required tender
By Susanna Moon
Chicago, April 21 – Golden Energy Offshore Services AS said it accepted tenders for NOK 127,965,768 of its senior secured callable bond issue 2014/2017.
The total purchase price will be NOK 36,993,813 with an average purchase price of 28.9% of par and the highest offer accepted at 30% of par, calculated including accrued interest and which will be adjusted in the settlement amount, according to a company notice.
After settlement on April 25, the total nominal outstanding amount will be NOK 221,246,732.
As announced April 15, the company was offering to buy back NOK 100 million of the bonds at up to 30% of par.
The price included the interest claim for the Feb. 29 coupon that was not paid and any other accrued interest.
The exact buyback price was set through a reverse auction. Golden Energy said it would buy bonds at the lowest prices first up to a total par amount of NOK 100 million.
The offer was required under the terms of amendments approved at a meeting of bondholders on March 30.
Golden Energy said it could increase the amount bought at its discretion.
The offer was being carried out by Golden Energy’s “grandmother company” Golden Energy Offshore Holdings (Norway) AS. Golden Energy Offshore Holdings will convert the claim represented by the bonds into stock which will be transferred to parent company Golden Energy Offshore AS, making Golden Energy Offshore AS the sole shareholder in Golden Energy Offshore Services.
The tender ended at 10 a.m. ET on April 20.
SpareBank1 Markets is the manager.
At a meeting on March 30, holders of the bonds approved a standstill expiring April 25, a maturity date extension and an interest reduction.
As a condition to effectiveness of the amendments, Golden Energy was required to redeem at least NOK 100 million principal amount of the outstanding bonds.
A separate claim was established for the Feb. 29 interest payment that will be paid at a rate of 5% from Nov. 30, 2015 to April 29.
Golden Energy is an offshore services company is based in Alesund, Norway.
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