Helly Hansen seeks holder approval to amend callable bonds due 2017

By Susanna Moon

Chicago, July 7 – Teodin Acquico AS (Helly Hansen) is seeking approval to amend its senior secured callable bonds due 2017.

The company is seeking to amend the leverage ratio and to permanently remove Teodin Holdco AS from its guarantee obligations and from its bank accounts security, according to a notice from trustee Nordic Trustee ASA.

In exchange, the company is offering a fee of 25 basis points, a bump up in the payment at maturity to 101 from par and an increase in the call premium of 100 bps to 108, 105.5 and 102.

A bondholder meeting has been set for July 21 in Oslo.

The company has obtained commitments to vote for the measure from holders of more than half the bonds, the notice said.

In order for the measure to pass, holders of at least half of the bonds represented must vote for the proposal. To form a quorum, at least half of the bonds must be represented at the meeting.

The bonds were issued in 2012.

Helly Hansen is a Moss, Norway-based maker of outdoor sports apparel.

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