I.M. Skaugen approved to change floater maturity, postpone interest

New York, Jan. 24 – I.M. Skaugen SE received the support of holders of its NOK 350 million of outstanding senior floating-rate notes issue 2012/2017 to shorten the maturity and postpone a coupon payment.

Specifically, the issuer was seeking to bring forward the maturity date to Feb. 17, 2017 from April 11, 2017 and to postpone the coupon due Jan. 11 until maturity, according to a notice by trustee Nordic Trustee ASA.

Sufficient bondholders were present at a meeting on Jan. 23 in Oslo to form a quorum and 99.70% of those voting supported the change.

The company was asking to change the floater maturity to align it with its bank debt via a syndicate led by Nordea, a swap with Swedbank and the IMSK12 bond, all of which are set to mature on Feb. 17.

By aligning the maturity, the company will be able to present a refinancing plan for all of its debt.

There is currently NOK 243.5 million of voting bonds, net of the current issuer’s NOK 106.5 million of bonds.

To form a quorum at the meeting, there had to be at least half of the voting bonds represented. To pass, the measure needed support from two-thirds of the voting bonds represented.

I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.

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