NBT holders vote in favor of resolution to amend 14% bonds

By Marisa Wong

Madison, Wis., Dec. 20 - NBT AS bondholders voted in favor of a resolution to amend the company's 14% senior secured callable bonds due 2013 at a meeting held on Friday.

There was a sufficient number of bondholders present, and the proposed resolution received 88.48% of the votes, according to a notice by trustee Norsk Tillitsmann ASA.

NBT sought holder approval of amendments related to its plans to pay off the bonds using $250 million convertible loan proceeds, as previously reported.

Specifically, the company wanted 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 Dec. 6 notice.

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

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

On Dec. 18, the trustee announced that bondholders are seeking to declare a default of the 14% bonds.

The holders representing 10% of the notes are seeking to call a meeting on Jan. 9 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 one-half must vote in favor of the measure for it to pass.

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

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