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AGR Petroleum gets bondholder approval for demerger/restructuring
By Toni Weeks
San Luis Obispo, Calif., Feb. 20 - AGR Petroleum Services Holdings AS announced that it received approval from bondholders to amend the terms of its senior secured bonds due 2018, according to a notice from bond trustee Norsk Tillitsmann.
The proposed resolution received 95.22% of the votes at a bondholder meeting held in Oslo on Feb. 20.
As previously reported, the company wanted a demerger by separating. It wanted to separate the interests of AGR Energy AS, transferring all of AGR Petroleum's assets, except for AGR Energy AS, to a new holding company with the same ownership structure. AGR Petroleum and its subsidiaries hold interests in oil and gas exploration and production licenses in Israel and 44% of the shares of AGR Energy AS, a company which has applied for exploration and production licenses in Cyprus and Ghana.
AGR Petroleum was looking to bondholders to approve the transaction. It also said previously that it would ask DNB Bank ASA as its facility agent to authorize the transaction under the company's senior facility agreement.
To approve the proposal, at least half of the bonds had to be represented at the meeting to have a quorum, and at least two-thirds of the bonds represented in person or by proxy at the meeting had to vote in favor of the proposal.
AGR Group ASA is the parent and guarantor.
The Norway-based company provides services and technology to the oil and gas industry.
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