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Hurtigruten ups proposed call price to be voted on at Nov. 25 meeting
By Marisa Wong
Madison, Wis., Nov. 20 – Hurtigruten ASA has decided to modify the proposed amendment to its issue of 2012/2017 bonds, according to a notice from trustee Nordic Trustee ASA.
On Nov. 11, Hurtigruten summoned a bondholder meeting to approve a proposed amendment to its bonds. The issuer wants to insert an optional redemption feature into the bond agreement dated March 16, 2012, as previously reported.
The company now wants to set the proposed redemption price at 112.5, increased from 108.
All other terms of the proposal remain unchanged and will be considered at the bondholders’ meeting to be held on Nov. 25 in Oslo.
The proposed amendment is in connection with Silk Bidco AS’ intention to launch a tender offer to acquire Hurtigruten’s shares. The anticipated tender offer was announced on Oct. 29.
Under the proposed call option, the bonds would be callable in whole or in part at any time, with at least 10 business days’ notice to the bond trustee, provided that the notice is delivered no later than 35 days after settlement of Silk Bidco’s tender offer.
The redemption price will also include accrued interest to the date of acquisition.
The proposed change to the bond agreement is conditioned on, and will take effect from, settlement of the tender offer.
The proposal requires a two-thirds majority of votes cast at the meeting.
Bondholders should direct questions about the proposal to Carnegie AS, attn.: Stefan Schander Slemdal, +47 22 00 94 26, sts@carnegie.no.
Hurtigruten is a cruise ship company based in Narvik, Norway.
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