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OSX 3 Leasing secures needed votes to amend 13% bond issue 2012/2015
By Susanna Moon
Chicago, July 22 – OSX 3 Leasing BV won unanimous approval to amend its 13% senior secured callable bond issue 2012/2015.
There were enough holders to form a quorum at the meeting held Friday, according to a notice released by bond trustee Nordic Trustee ASA.
As announced July 8, OSX asked for holders to approve a proposal related to bridge financing and the applications of Brazilian charter agreement proceeds.
The trustee said $1.75 million of bridge financing was extended to OSX by members of a bondholder committee to meet short-term liquidity requirements. Interest on the financing will accrue at a rate of 35%, payable in kind.
In addition, the proposal allows the trustee to apply amounts it receives in connection with the bonds toward repayment of the financing to the extent it is not rolled into any further funding.
According to the notice, Nordic Trustee received the Brazilian real equivalent of $6 million of proceeds in connection with a charter agreement.
The proceeds have been and will continue to be applied toward required payments.
The trustee said additional funding is expected to be needed in the next few months in order to make required payments and, in part, to repay the bridge financing.
The additional funding will be structured as a $10 million new bond loan to be issued by OSX or a third-party special purpose vehicle.
The new loan is expected to be available to all bondholders, subject to a minimum subscription amount. Interest will also be 35%.
The new loan will be the subject of a future bondholders’ meeting summons, the trustee previously said.
SX 3 Leasing is a subsidiary of OSX Brasil SA, a Rio de Janeiro-based oil and gas holding company.
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