Borgestad exercises slightly early redemption option on floaters

Chicago, Dec. 6 – Borgestad ASA is trimming approximately 2.5 weeks off of its senior secured floating-rate bonds maturing Jan. 8 (ISIN: NO0010907736), according to a notice.

The company is redeeming the NOK 100 million outstanding bonds from the NOK 300 million issue at par on Dec. 20.

The redemption is conditioned on approval from the municipal council of Bjuv for a sale-leaseback transaction and approval of a private placement capital increase.

Nordic Trustee AS is the trustee.

Borgestad is a shipping, industry and real estate company based in Skien, Norway.

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