American Shipping wins support to call PIK floaters due 2018 at 101

By Susanna Moon

Chicago, Nov. 2 – American Shipping Co. ASA obtained approval to amend its senior pay-in-kind floating-rate callable bonds due 2018 at a meeting Tuesday in Oslo.

There were enough holders to form a quorum, and the measure garnered unanimous support, according to a notice by Nordic Trustee ASA.

As announced Oct. 25, American Shipping was seeking to “simplify and clarify” its call option to say that the notes may be redeemed at any time at 101% of par plus accrued interest with five days’ notice.

To form a quorum, at least half of the voting bonds needed to be represented at the meeting and, to pass, at least two-thirds of votes had to be cast in favor.

The floaters were issued in 2007.

American Shipping said on Oct. 13 that it was looking to refinance its unsecured bonds due February 2018.

American Shipping, formerly known as Aker American Shipping ASA, is an Oslo-based shipping company.

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