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Scandinavian Air Ambulance asks noteholders to waive put option
By Angela McDaniels
Tacoma, Wash., April 23 - Scandinavian Air Ambulance Holding AB (publ) has agreed to be acquired and it wants an exemption that would prevent the sale from triggering a change-of-control put option for its SEK 250 million fixed-rated senior notes, according to a notice from noteholder agent CorpNordic Sweden AB.
The company agreed to sell itself to a company within the Avincis Group. Under the current terms of the notes, the change of control would give the noteholders the right to put back their notes at 101 plus accrued interest.
The company is also asking for consent to postpone the admission of the notes to trading on Nasdaq OMX Stockholm until after the sale to the Avincis Group has closed.
The notes were issued in June 2013, and under their terms, they must be admitted to trading within 360 days of issuance. If this deadline is not met, the notes will become putable at 101 plus accrued interest.
If the consents are granted, the deadline will be extended to Oct. 15.
The company said it needs time to adapt its accounting to the principles used by the Avincis Group.
The holders of at least 20% of the adjusted nominal amount of notes must submit voting forms in order to form a quorum, and the holders of more than 50% of the adjusted nominal amount of notes for which voting forms are received must consent to a request in order for it to be approved.
Noteholders must be of record as of April 28 in order to participate, and they must submit their voting forms to the agent no later than May 15.
CorpNordic Sweden can be contacted at 46 8 402 72 00 or trustee@corpnordic.com.
Scandinavian Air Ambulance provides ambulance transportation via helicopter and airplane and is based in the Stockholm-Arlanda Airport.
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