Welltec commences consent solicitation for 9˝% notes due 2022

Chicago, May 11 – Welltec A/S started a consent solicitation for its 9˝% senior secured notes due 2022 originally issued on Nov. 28, 2017, according to a press release.

The company is soliciting consents to avoid triggering a “change of control” as defined in the original indenture.

As background, the company’s founder, largest shareholder and former chief executive officer plans to sell all or a portion of his remaining shares of Welltec International ApS, the immediate holding company of Welltec A/S. The shares are likely being sold to the company’s two other major shareholders: 7-Industries Holdings BV and Exor NV.

The amendment that is part of the consent solicitation would remove the requirement that Jorgen Hallundbaek, the former chief executive officer, be the largest holder among the permitted holders.

Consenting noteholders who deliver valid consents by the expiration time of 5 p.m. ET on May 18 will receive $2.50 per $1,000 note.

The company needs a majority of consents to amend the indenture.

Lucid Issuer Services Ltd. is the information and tabulation agent (+44 20 7704 0880, welltec@lucid-is.com).

Goldman Sachs International is the solicitation agent (+44 207 552 6157, liabilitymanagement.eu@gs.com).

The issuer is an Allerod, Denmark-based oilfield services provider.

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