Sea Production bondholders approve changes to 2007/2012 bonds

By Marisa Wong

Madison, Wis., Oct. 20 – Sea Production Ltd. obtained bondholder approval to amend its callable senior secured bonds, issue 2007/2012 at a meeting held on Monday.

There were sufficient bondholders present at the meeting to form a quorum, and the proposed resolution received 100% of the votes cast, according to a notice from Nordic Trustee ASA.

As previously reported, the issuer wanted to amend the bonds to reflect changes to the cash sweep mechanism and to take steps necessary to re-flag the vessel Front Puffin to Nigeria.

At least half of the voting bonds had to be represented at the meeting in order to form a quorum, and holders of at least two-thirds of the bonds represented at the meeting had to vote in favor of the resolution in order for it to pass.

The meeting had been postponed from Oct. 15, as announced on Oct. 10.

Sea Production makes floating production storage and offloading units and floating storage and offloading units. The company is based in Oslo.

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