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NSA Bondco asks to pay in-kind interest due September on 12% bonds
By Susanna Moon
Chicago, Aug. 28 – NSA Bondco Ltd. is asking for holders to approve in-kind payment for the interest due September on its 12% secured callable bonds due 2020.
NSA is asking holders to send in their votes by 7 a.m. ET on Sept. 1.
As previously noted, the company has paid interest in-kind on its March 2 interest due of $3,904,528.56; Dec. 2, 2016 interest due of $3,790,804.50; Sept. 2, 2016 interest due of $3,680,392.80; and March 2, 2016 interest due of $3,469,123.35 as a result of being cash-strapped.
The company said on April 25 that it had obtained holder approval to terminate the charter party on the bonds.
As announced April 21, the issuer was seeking to end the charter party for its bareboat charter with Norshore Management AS after the standstill ended on a default under the charter party.
“The vessel is currently off contract. ... Payments under the charter party have not been made since November 2015 and the payment defaults have not yet been cured. As a result, it is likely that there will be no further payments under the charter party,” the previous notice explained.
The bonds were issued in 2015.
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