Convene Holding seeks 8% bondholder approval of maturity extension

By Marisa Wong

Los Angeles, Jan. 25 – Convene Holding AS is proposing to amend its NOK 350 million 8% senior secured callable open bonds, issue 2017/2023 (ISIN: N00010808256), according to a notice.

The issuer has requested the bond trustee to summon a written resolution for bondholders to approve amendments to the terms of the bonds.

The issuer is proposing the following:

• To extend the maturity date to July 1, 2023;

• To give a simple majority of the bondholders the authority to, by way of written instructions to the bond trustee to be delivered no later than three business days prior to the then applicable maturity date, further extend the maturity date (one or multiple times and for any duration as the simple majority of the bondholders may elect, but in any event no shorter than two weeks each time), provided that no extension beyond Dec. 31, 2023 will be authorized; and

• To extend the current interest period to end on the new maturity date so that no interest will be due and payable until that new maturity date, where the interest rate for that current extended interest period will be calculated as the weighted average of the current interest rate under the existing interest period and, with respect to any interest accruing after the original maturity date, a new interest rate to be fixed on Jan. 25.

The voting period will expire at 10 a.m. on Jan. 30.

A proposed resolution will be passed if either (a) bondholders representing at least a two-thirds majority of the total number of voting bonds vote in favor of the proposed resolution prior to the expiry of the voting period; or (b) (i) a quorum representing at least 50% of the total number of voting bonds submits a timely response to the summons and (ii) the votes cast in favor of the relevant proposed resolution represent at least a two-thirds majority of the voting bonds that timely responded to the summons.

No bondholders’ meeting will be held.

Questions may be directed to the issuer (Steffen Voss, CFO; steffen.voss@convenegroup.com) or to the bond trustee (Lars Erik Laerum; Laerum@nordictrustee.com).

Formerly known as HI Bidco AS, Convene is a Sandane, Norway-based investment company.

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