I.M. Skaugen to delay maturity payments again, plans meetings

New York, April 5 – I.M. Skaugen SE will again delay making the maturity payments on its NOK 340 million of IMSK12 bonds and NOK 350 million of IMSK13 bonds.

The maturities had previously been postponed until April 6 to allow for more time to finalize the details of a refinancing but the company announced in a notice on Wednesday that it will further defer the payments.

“The discussions with the relevant parties are progressing in a constructive manner, and we expect final agreement to be within reach,” according to the company’s announcement.

I.M. Skaugen expects to send out a summons for new bondholder meetings on April 6.

The company previously announced on March 1 that it had received approval from holders to defer the maturities until April 6.

A bondholders meeting to approve the actions was held on March 1 in Oslo.

As announced on Feb. 15, the company planned to enter into the following agreements with creditors before the meeting:

• Nordea syndicate to defer maturity of its facility until April 6 provided that the borrower Somargas II Private Ltd. continues to pay cash interest during the period and there are no cash leakages to Swedbank, IMSK12 and IMSK13;

• Swedbank to defer maturity of its cross-currency swap and any interest payments under the swap until April 6; and

• Lease counterparties to agree to “pay as you earn” rates until April 6, which means there will not be any cash leakage to these counterparties during this period.

As announced Jan. 24, the company had received the support of holders of its NOK 350 million of outstanding senior floating-rate notes issue 2012/2017 to shorten the maturity to Feb. 17, 2017 from April 11, 2017 and to postpone the coupon due Jan. 11 until maturity.

The company was asking to change the floater maturity to align it with its bank debt via a syndicate led by Nordea, a swap with Swedbank and the IMSK12 bond, all of which are set to mature on Feb. 17.

I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.

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