Rever, Cecon secure holder approval to amend bond loan agreement

By Susanna Moon

Chicago, Dec. 20 - Rever Offshore AS and Cecon Shipping 2 AS held meetings Friday to seek holder approval for three series of bonds.

The companies sought to amend Rever's tranche A senior secured callable and putable bonds 2013/2014; Cecon's tranche B senior secured callable and putable bonds 2013/2014; and Cecon's tranche B2 senior secured callable and putable bonds 2013/2015.

There were enough holders to form a quorum, and the measure received 100% of the votes, according to a notice by Norsk Tillitsmann ASA, the trustee.

The company announced the bondholder meetings on Dec. 5 to ask approval to amend the bond loan agreement as a condition of the restructuring of financing for Hull 718.

The Norwegian ship-owning companies previously said they needed approval from holders representing at least half of each series of bonds.

© 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.