NBT seeks to push back maturity of 14% bonds due 2013; meeting set

By Susanna Moon

Chicago, Dec. 6 - NBT AS said it is proposing to amend its 14% senior secured callable bonds due 2013 related to its plans to pay off the bonds using $250 million convertible loan proceeds.

The company is seeking approval to postpone the maturity of the bonds until the earlier of March 19, 2014 and five business days after issue of the convertible loan, according to a notice by trustee Norsk Tillitsmann ASA.

NBT is proposing that no default interest accrue beginning Dec. 30.

A bondholder meeting will be held on Dec. 20 in Oslo.

Bondholders representing at least half of the bonds must be represented at the meeting in order to form a quorum. Of those, at least two-thirds must vote in favor of the measure for it to pass.

NBT is an international project company focused on windpower and biomass projects.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.