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I.M. Skaugen holders agree to extend NOK 209 million bonds to 2016
New York, Feb. 23 – I.M. Skaugen SE said that it received the necessary consents to extend its NOK 209 million of outstanding bonds due Feb. 27, 2015 to June 30, 2016.
As required, more than two-thirds of the bondholders voting at a meeting on Monday supported the change.
“With this extension of the maturity date, we have ensured sufficient working capital for the company to execute on its strategy and by this to visualize and create values for all stakeholders in the company,” said Morits Skaugen, chief executive officer of I.M. Skaugen, in a news release.
As part of the solicitation, after the amendment the company will offer to buy back a minimum amount of NOK 60 million of the outstanding bonds, according to a company notice.
I.M. Skaugen will also pay a consent fee of 2%.
The company announced the solicitation on Feb. 9.
At the time Skaugen said: “Many of the financial markets have been quite negatively affected in the final part of 2014 and the Norwegian bond market is currently a challenging place to raise new capital. We have thus turned to our current lenders to seek support for an extension of maturity of [the bonds] in order for us to gain time to realize the strategy we have outlined for the company.”
The advisers for the transactions are Fearnley Securities AS (Nils Ansgar Skogstad, +47 22 93 63 51, cell: + 47 91 11 36 01, email: na.skogstad@fearnleys.no, Per Lauvvang, +47 22 93 63 77, cell: + 47 95 11 10 51, e-mail: p.lauvvang@fearnleys.no) and Swedbank Norway (+47 23 23 82 72, cell: + 47 91 80 49 17, e-mail: anders.hakonsen@swedbank.no, Wilhelm Koren, +47 23 1 162 66, cell: +47 91 30 04 61, e-mail: Wilhelm.koren@swedbank.no).
I.M Skaugen is a marine transportation service company engaged in the transportation of petrochemical gases and chemicals. It is based in Oslo.
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