Rem Saltire seeks to swap issuer, amend refinancing terms of 2018 bonds

By Marisa Wong

Los Angeles, Feb. 5 – Rem Saltire AS, formerly E Forland AS, is proposing to amend its senior secured bonds, issue 2013/2018 (ISIN: 0010686561), guaranteed by Frode Bjorn AS, now Rem Vest AS.

Bondholders are being asked to approve a change of the issuer from Rem Saltire AS to a newly established company, Rem Saltire Holding AS.

The company is also seeking bondholder approval of a new refinancing agreement with the following main features:

• New refinancing period with a maturity date of Dec. 31, 2024;

• Interest rate during the period set at 7%, fixed from and including March 4, 2021, and an amendment to standard market conventions for fixed-rate bonds;

• Amortization increased to NOK 21.6 million from NOK 9 million annually. The installments are paid quarterly in equal amounts. The first modified installment is to be paid together with the interest payment in June 2021; and

• The deferred installment from June 2020 of NOK 4.5 million is to be paid together with the interest payment in March 2021. No default interest will apply.

Holders will vote on the proposals at a meeting scheduled for 7 a.m. ET on Feb. 19.

To approve the resolution, holders representing at least two-thirds of the bonds represented must vote in favor of the resolution.

In order to have a quorum, at least half of the voting bonds must be represented at the meeting.

Nordic Trustee AS is the bond trustee.

Rem Saltire is a Cyprus-flagged offshore supply ship. Owner E Forland owns and operates offshore shipping vessels on time-charter contracts and is based in Bergen, Norway.

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