NBT seeks to change equity ratio for 14% notes at month-end meeting

By Susanna Moon

Chicago, Dec. 13 - NBT AS will hold a meeting on Dec. 30 to ask bondholders to approve amending the equity ratio definition under its 14% senior secured callable notes due 2013.

Warrants issued by the company are counted as equity instruments under financial accounting rules.

The company is seeking bondholder approval to amend the notes as it would be in breach of covenants under the equity ratio of 25%, according to a notice by trustee Norsk Tillitsmann ASA.

Arctic Securities ASA is the financial adviser.

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