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Havila seeks to refinance bonds, move up their maturity to June 25
By Angela McDaniels
Tacoma, Wash., June 6 – Havila AS wants to refinance its senior secured callable bonds and is seeking bondholder approve to move up the maturity date to June 25, 2014 from Sept. 26, 2014, according to a notice from bond trustee Nordic Trustee ASA.
Bondholders will vote on the change at a meeting at 3 a.m. ET on June 20 in Olso.
If the change is approved, bondholders may choose to receive on the new maturity date par in cash or one new bond for each old bond.
The new bonds will mature Sept. 26, 2017 and differ from the old bonds with regards to the coupon rate, call options and security package. However, the new bonds will have the same coupon rate as the old bonds through the original maturity date, Sept. 26, 2014.
The holders of more than two-thirds of the old bonds have agreed to underwrite the new bonds, meaning that if the new bond issue is not fully subscribed with old bonds, these majority bondholders will subscribe for and be allocated the remaining new bonds on a pro rata basis.
The holders of at least half of the bonds must be represented in person or by proxy at the meeting in order to form a quorum, and the holders of at least two-thirds of the bonds represented at the meeting must vote in favor of the proposal in order for it to pass.
The company said more than two-thirds of the bondholders have pre-approved the change.
Bondholders who want to subscribe for new bonds are asked to contact Christoffer Haehre (47 24 13 3752 or christoffer.haehre@sb1markets.no) or Tom Hestnes (47 24 13 3778 or tom.hestnes@sb1markets.no) of SpareBank 1 Markets AS.
Havila is a Fosnavag, Norway-based shipping company.
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