Norway’s Boa gets noteholder votes to cover capex needs for vessel

By Susanna Moon

Chicago, Nov. 1 – Boa OCV AS obtained holder approval for the transfer of funds under its senior secured bond issue 2014/2019.

The written resolution was passed on Thursday with the required majority under a proposal dated Wednesday, according to a notice by Nordic Trustee AS.

Specifically, the bondholders were asked to approve the transfer of NOK 30 million from the liquidity account to the capital expenditure reserve account to cover capital expenditure requirements for Boa Deep C, according to a previous notice.

The DeepC SPS amount credited to the capex reserve account may be released in part or in whole to the issuer when supported by the bondholder nominated director, the release said.

With market conditions improving, the Boa Deep C is expected to enter into contracting arrangements that will require “extraordinary capital expenditure” of NOK 30 million “to keep the vessel in class and operational in a similar way as was contemplated with Boa Sub C,” the release noted.

Boa owns and charters offshore construction vessels and is based in Trondheim, Norway.

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