Det norske holders may put senior floating-rate bonds due 2020 at 107

By Susanna Moon

Chicago, Dec. 7 – Det norske oljeselskap ASA said holders may exercise their put option on the senior floating-rate bonds due 2020 issued by Aker BP ASA.

The notes are putable until Dec. 22 at 107% of par, according to a distribution event notice.

The issuer triggered the put option by making a distribution of NOK 524,668,750 to its shareholders on Dec. 7.

The leverage ratio in the latest compliance certificate is 2.06x, the release noted.

The maximum aggregated number of bonds to be repurchased will be 524,668,750 divided by the face value, or 524,668,750.

Bondholders may put the bonds at 107 plus accrued interest, up to its pro rata share of 524,668,750, based on the proportion that their holding of bonds on the distribution event date bear to the distribution put bonds, according to the notice. The issuer currently owns zero bonds.

Bondholders who do not receive a VPS notice may contact the bond trustee at mail@nordictrustee.com.

The floaters were issued in 2013.

Det norske merged with BP Norge AS for the subsequent establishment of Aker BP ASA, an oil exploration and development company based in Trondheim, Norway.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.