Telio seeks holder approval to call some bonds at 108.5; meeting set

By Susanna Moon

Chicago, Jan. 22 - Telio Holding ASA said it will seek bondholder approval to call its bonds as part of a financial debt restructuring.

A bondholder meeting has been set for Feb. 5.

The offered call price of 108.5 implies an extra cost of NOK 25.5 million, according to a company press release.

The one-off cost will be offset by lower financial expenses within about 24 months, and the new financing reduces financial expenses by about 60% over the loan term, the company said.

The call must be approved by two-thirds of the bondholders at the meeting.

The company said it has agreed on amended loan facilities with Nordea, with the new financing comprising a five-year term loan of NOK 250 million and a NOK 75 million overdraft facility.

The VoIP service provider is based in Oslo.

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