Bulk Industrier gets OK to amend floaters due 2018 to lift issue cap

By Susanna Moon

Chicago, Oct. 13 – Bulk Industrier AS obtained holder approval to amend its floating-rate senior secured open callable open bond issue 2015/2018 to raise the maximum issue amount to NOK 500 million from NOK 400 million.

At the meeting held Friday, there were enough holders to form a quorum, and the proposed changes garnered support from 89.39% of the votes cast, according to a notice from Nordic Trustee AS.

The company said on Sept. 29 that it had hired Arctic Securities as manager for a bond tap issue of up to NOK 100 million in connection with the proposed amendments.

“Bulk Infrastructure AS, which is majority-owned by the issuer, is experiencing increased activity within its core markets ... and recently reported a record-strong first half. Due to the increased activity, the company is looking to raise more capital to take advantage of the opportunities seen,” according to a previous bondholder summons issued by Nordic Trustee.

Under the proposed changes, Bulk also was asking holders to allow a one-time cash distribution of NOK 11 million in 2017.

Specifically, the issuer was asking holders to amend the terms to allow dividends of up to NOK 5 million in any financial year and an extraordinary one-time cash distribution of NOK 11 million.

Bulk Industrier AS operates as an investment company based in Oslo.

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