Hurtigruten gets needed two-thirds votes at meeting to amend notes

By Susanna Moon

Chicago, Nov. 25 – Hurtigruten ASA said it secured the needed votes to amend its issue of bonds due 2017 at a meeting held Tuesday in Oslo.

There were enough bondholders to form a quorum, and the measure obtained 70% of the votes cast, according to a notice from trustee Nordic Trustee ASA.

As previously reported, the issuer sought to insert an optional redemption feature into the bond agreement dated March 16, 2012. The meeting was announced on Nov. 11.

Subsequently the company decided to modify the proposed amendment, as announced on Nov. 20, setting the proposed redemption price at 112.5, up from 108.

The proposed amendment is in connection with Silk Bidco AS’ plans to launch a tender offer to acquire Hurtigruten’s shares, 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 required a two-thirds majority of votes cast at the meeting.

Hurtigruten is a cruise ship company based in Narvik, Norway.

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