Scandinavian Air Ambulance gets noteholder consent to waive put option

By Susanna Moon

Chicago, May 16 - Scandinavian Air Ambulance Holding AB holders approved amending the terms of the company's SEK 250 million fixed-rated senior notes, effective Friday.

The amendment provides an exemption from the noteholders' put option due to a change of control following a sale of shares to Avincis Mission Critical Services, Scandinavia AB, according to a notice from noteholder agent CorpNordic Sweden AB.

Holders also approved extending the period for listing the notes to Oct. 15.

The written procedure closed on Thursday, and the request was adopted with a majority of the votes, the notice said.

The company said on April 23 that it agreed to be acquired by Avincis and sought an exemption to prevent the sale from triggering a change-of-control put option under the notes.

The change of control would have given the noteholders the right to put back their notes at 101 plus accrued interest.

The company also asked for consents to postpone the admission of the notes to trading on Nasdaq OMX Stockholm until after the sale to the Avincis Group had closed.

The notes were issued in June 2013, and under their original terms they needed to be admitted to trading within 360 days of issuance. If this deadline had not been met, the notes would have become putable at 101 plus accrued interest.

The company said it needed time to adapt its accounting to the principles used by the Avincis Group.

Holders of at least 20% of the adjusted nominal amount of notes needed to submit voting forms in order to form a quorum, and holders of more than 50% of the adjusted nominal amount of notes for which voting forms are received needed to consent to a request in order for it to be approved.

Noteholders needed to be of record as of April 28 in order to participate, and they had to submit their voting forms to the agent by 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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