Cermaq seeks bondholder approval of early redemption, calls meeting

By Marisa Wong

Madison, Wis., Dec. 18 – Cermaq ASA is seeking bondholder approval to redeem its senior bonds, issue 2014/2019, according to a notice from trustee Nordic Trustee ASA.

The company is proposing to amend the bond agreement by changing the maturity date to Feb. 16, 2015 and to redeem the bonds on the new maturity date at 108.5 plus accrued interest.

Bondholders will vote on the proposal at a meeting scheduled for Jan. 9 in Oslo.

To approve the proposal, bondholders representing more than two-thirds of the bonds represented at the meeting must vote in favor of the resolution. In order to have a quorum, at least half of the voting bonds must be represented at the meeting.

Cermaq is requesting the early redemption due to a change of control that occurred on Oct. 30, when MC Ocean Holdings Ltd. completed an offer for Cermaq’s shares. MC Ocean is a company owned by Mitsubishi Corp.

A change-of-control event under the bond agreement entitles bondholders to put the bonds at 101. The deadline for exercising the put option is Dec. 29.

The bond agreement does not currently allow the issuer to call the bonds.

Danske Bank, Norwegian branch is the issuer’s financial adviser for the proposal. Bondholders may contact the adviser (Nicolay Friis at +47 22 86 13 72, +47 45 21 10 32 or nfr@danskebank.com) for further information.

Cermaq is a fish farming and fish feed group based in Oslo.

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