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Funcom bondholders vote in favor of amending 10% senior convertibles
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Funcom NV received unanimous approval from bondholders represented at a Monday meeting to amend to its 10% senior convertible bonds, issue 2011/2014, according to a notice from bond trustee Nordic Trustee ASA.
As previously reported, Funcom’s major creditor, KGJ Investments SA, Sicav-SIF, which holds $6 million of the bonds, offered to extend the maturity date of the bonds to Dec. 15, 2016.
The issuer asked bondholders to approve the extension of the maturity date to Dec. 15, 2016 from Dec. 22, 2015.
The company also proposed to adjust the conversion price to $0.24 per share from $0.37 per share.
In addition, the company also sought to add a prepayment option.
To approve the proposal, holders of at least 75% of the bonds represented at Monday’s meeting in Olso had to vote in favor of the amendments. The proposal received approval of all the bonds represented.
In order to have a quorum, at least half of the bonds had to be represented at the meeting.
Funcom is a video game developer based in Oslo.
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