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OSA Goliath bondholders OK funding mechanism; vessel broker named
By Caroline Salls
Pittsburgh, March 24 - OSA Goliath Pte. Ltd. bond trustee Norsk Tillitsmann ASA said bondholders voted unanimously to approve a funding mechanism "for the purpose of meeting fees, costs, expenses and disbursements incurred in connection with the protection, preservation and/or enforcement of the bondholders' rights and pursuing recoveries," according to notice from the trustee.
As previously reported, Norsk Tillitsmann asked the bondholders to approve a funding structure that will include the borrowing of a loan by OSA Goliath or issuance of bonds offered for subscription to existing bondholders and/or a limited recourse loan provided to the trustee by some or all of the bondholders.
The total principal par value of the funding bond issue and the principal amount of the bondholder loan may not exceed $15 million, the notice said. However, holders of more than 50% of the bonds can increase that maximum amount.
The loan and bond issue will be subject to an interest rate of 15%.
Norsk Tillitsmann also received approval to act on behalf of bondholders in connection with negotiating amended facility and/or bond agreements and negotiating intercreditor agreements.
According to a separate Norsk Tillitsmann notice, the trustee appointed Pareto Securities AS and Pareto JGO Shipbrokers AS as broker for the OSA Goliath vessel after a competitive tender.
The trustee said last week that the vessel was arrested in Aruban waters at Norsk Tillitsmann's request.
The trustee said it "initiated the arrestment process with the purpose of preserving the interests of the bondholders and after receiving instructions from a majority of the bondholders" and is "currently preparing for the sale of the vessel."
OSA Goliath is a subsidiary of offshore oil engineering services company Oceanografia SA de CV.
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