Endur issues notice of written resolution for callable bonds due 2025

Chicago, Sept. 10 – Endur ASA’s trustee has issued a notice of written resolution to consider approval of a proposal for bondholders of the company’s NOK 1.1 billion floating-rate senior secured open callable bonds (ISIN: NO0010935430), according to a notice.

The leverage ratio was breached on June 30.

As a result, the issuer established a guarantee consortium of existing key shareholders who have guaranteed a share issue of up to NOK 110 million. The issuer is therefore proposing certain amendments to the bond terms, conditional on the new equity.

If the issuer receives all of the new equity by no later than Dec. 1, the company will redeem 10% of the outstanding bonds at 102 as soon as possible.

The bondholders are being asked to approve a full waiver regarding the breach of the leverage ratio relating to the time before June 30, and there will be no event of default.

Additionally, the company wants to modify the bond terms around the leverage ratio starting with 6x from July 1 with periodic step-downs throughout the life of the bonds.

The company also wants to amend the definition of “margin” to mean 725 basis points.

After the waiver for the breach is effective, bondholders will be paid an aggregate amount of NOK 5.5 million.

The issuer has pre-commitments from bondholders representing more than two-thirds of the bonds in favor of the proposal, the amount needed to approve the resolution.

More information can be had by contacting Arctic Securities AS (+47 21 01 31 98, +47 977 50 977, th@arctic.com).

The voting period will expire at 7 a.m. ET on Sept. 27.

Voting forms should be mailed to mail@nordictrustee.com.

The company was formerly known as Bergen Group ASA. Based in Bergen, Norway, the issuer is a maritime company focused on the offshore industry and specialized vessels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.