Nordic Service Partners seeks listing waiver from bondholders

By Marisa Wong

Madison, Wis., July 8 – Nordic Service Partners Holding AB is asking holders of its senior secured bonds to approve a waiver request, according to a notice from agent CorpNordic Sweden AB.

Specifically, the issuer wants holders to permanently waive a listing requirement.

On April 15 Danske Koncept Restauranter Holding ApS (DKR) announced a public offer to acquire all of Nordic Service’s shares and convertible bonds.

Under the terms and conditions of the bonds, the issuer has pledged to keep its shares listed on Nasdaq OMX Stockholm’s Regulated Market.

In the event of an acceptance level in the offer (including DKR’s existing shares) exceeding 90% of Nordic Service’s shares, DKR would begin a compulsory acquisition procedure for the remaining shares, and the class B shares of Nordic Service would be delisted from Nasdaq OMX Stockholm.

Completion of the offer at an acceptance level exceeding 90% of Nordic Service’s shares is conditioned on the holders granting a waiver of the listing requirement.

The waiver requires approval from holders of at least 75% of the voting bonds.

If the voting holders represent less than 50% of the bonds, in other words a quorum fails to exist, the bond agent will initiate a second written procedure with no quorum requirement.

The issuer is offering a 4% incentive fee, payable if and when a delisting event occurs.

Votes must be submitted by 11 a.m. ET on July 21.

Holders must be of record as of July 10 to participate.

The issuer is a food service company based in Bromma, Sweden.

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