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I.M. Skaugen receives approvals to extend floaters by eight months
New York, April 22 – I.M. Skaugen SE announced that it received consents from noteholders to further extend the maturity of its senior floating-rate notes due June 30, 2016, adding a further eight months to push the due date back to Feb. 17, 2017.
Interest accrued to the original maturity date will be paid on June 30.
The company was also asking holders to waive the equity ratio covenant until the extended maturity date.
A meeting seeking approval for the changes was held on Friday in Oslo.
Sufficient bondholders were present for a quorum, and the resolution received 72.94% of the votes, according to a notice from Nordic Trustee ASA. The response was sufficient to pass the proposal.
I.M. Skaugen announced the solicitation of consents on April 8.
It said that for the measure to pass holders of at least two-thirds of bonds represented at the meeting had to vote in favor of it. To meet quorum, at least one half of the bonds had to be represented at the meeting.
The company was offering a consent fee of 2%.
Arctic Securities AS is the financial adviser.
The four-year bonds were issued in 2012.
As reported on Feb. 23, the company secured the needed consents to extend its NOK 209 million of outstanding bonds due Feb. 27, 2015 to June 30, 2016.
The latest “short-term deferment” is intended to “allow the company to benefit from the encouraging results of the group’s commercial initiatives in the small scale LNG segment in particular, but also in the LPG/petrochemical gas segments,” the release said.
I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.
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