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Welltec announces success of consent bid for 9˝% notes due 2022
By Wendy Van Sickle
Columbus, Ohio, May 18 – Welltec A/S received the required consents from holders of its 9˝% senior secured notes due 2022 originally issued on Nov. 28, 2017 to avoid triggering a change of control as defined in the original indenture, according to a press release.
The consent solicitation was announced on May 11 and was to expire at 5 p.m. ET on May 18. The company announced earlier on the expiration date that it had received sufficient consents for the consent bid to be a success and that a supplemental indenture to effect the proposed amendments had been executed.
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 will remove the requirement that Jorgen Hallundbaek, the former chief executive officer, be the largest holder among the permitted holders.
Consenting noteholders who delivered valid consents by the expiration time will receive $2.50 per $1,000 note.
The company needed consents from holders of a majority of the notes 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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