AGR collects votes to shorten call notice under bonds due 2018

By Susanna Moon

Chicago, Aug. 14 – AGR Holdings AS secured the needed holder approval to shorten the call option notice period under its senior secured bonds due 2018 related to the sale of the company.

The bondholder meeting was held Wednesday in Oslo, as announced on July 30.

The measure obtained votes for 99.34% of the bonds, and there were enough bonds represented at the meeting to form quorum, according to Nordic Trustee ASA, the bond trustee.

In order to facilitate the sale and the purchaser’s refinancing of the group, the issuer sought to cut the notice period for exercising a call option to 10 days from 30 days.

In exchange, holders will receive a one-time waiver fee of 0.25% of the outstanding principal amount of the bonds. Holders must be of record as of the end of business on the date of the bondholders’ meeting.

To pass, the holders of at least two-thirds of the voting bonds represented at the meeting must vote for the proposal. To form a quorum, at least half of the voting bonds must be represented at the meeting.

AGR Group ASA is parent guarantor, and the issuer’s subsidiaries are original guarantors.

The bonds were issued in 2013.

The company is a provider of well, HSEQ, reservoir and field management services to the oil industry and is based in Fjell, Norway.

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