Norwegian Property secures holder approval to call bonds due 2018

By Susanna Moon

Chicago, Sept. 19 – Norwegian Property ASA said it obtained bondholder approval at the meetings held Monday to amend its floating-rate secured bond issue 2013/2018 and its 3.7% secured bond issue 2013/2018.

The issuer was proposing to change the maturity date for both bonds to Sept. 20, 2017 and to update the redemption price to 100.356 for the floaters and to 100.75 for the 3.7% bonds, according to previous notices from bond trustee Nordic Trustee ASA.

As announced Sept. 1, both bond series are secured with the property Gullhaugveien 9-13. The company wants to issue a new bond on the property and is therefore considering an early redemption of the existing bonds.

To approve the amendments, holders representing at least two-thirds of the bonds represented at the meeting had to vote in favor of the resolution. In order to have a quorum, at least half of the voting bonds had be represented at the meeting.

Norwegian Property is a real estate company based in Oslo.

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