Norwegian Property gets bondholder approval to redeem bonds on June 5

By Angela McDaniels

Tacoma, Wash., May 28 – Norwegian Property ASA received bondholder approval to redeem its secured bonds due 2019 at 102% of par on June 5, according to a notice from bond trustee Nordic Trustee ASA.

The bondholders met in Oslo at 7 a.m. ET on May 28. There were enough bondholders present to form a quorum, and the proposed resolution received 69.92% of the votes.

The bonds are secured by the Lysaker Torg 35 building. On May 11, the company said that it is considering possibly selling or refinancing the building and that redeeming the bonds would give it more operational predictability and flexibility for the building in terms of financing.

Holders of at least half of the 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 proposal in order for it to pass.

Norwegian Property is a real estate company based in Oslo.

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