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Prospect News home > News index > List of issuers T > Headlines for Tenders 2012 > News item |
Borgestad gets OK to call 10% bonds, refinance with new bonds due 2015
By Toni Weeks
San Diego, June 1 - Borgestad ASA obtained approval at a bondholders meeting on June 1 to refinance the company's 10% bonds due 2012 with a new issue of NOK 60 million to NOK 100 million of 10% bonds due June 15, 2015.
According to a notice by trustee Norsk Tillitsmann ASA, sufficient bondholders to form a quorum were present at the meeting, and the proposed resolution obtained 100% of the votes. The measure needed votes from at least two-thirds of holders at the meeting, with at least half of the outstanding bonds represented at the meeting in order to form a quorum.
As previously reported, the company plans to call the original 10% bonds at 101 or, for those who invest in the new issue, at 103 plus accrued interest on June 15.
The new bonds will be callable at 102 after 18 months, 101.5 after 24 months and 101 after 30 months.
Terra Markets AS is the lead manager for the new bonds.
Borgestad is a shipping, industry and real estate company based in Skien, Norway.
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