TH Global cancels offer to buy back 10 7/8% notes in full; bondholders to vote on new offer

By Angela McDaniels

Seattle, May 30 - TH Global plc (formerly Kvaerner plc) has withdrawn its offer to redeem its 10 7/8% bonds due 2014 in full, according to a company news release.

In December, the company received an acceleration notice on the bonds and, after discussions with the bondholders, said it was prepared to pay the bonds in full on terms that included a cash component of 78.2p per £1 of outstanding principal amount and payment of the balance, including interest, in company equity.

On Wednesday, TH Global announced a proposal under which it would amend the terms of the bonds so that it may redeem them for 78.2p per £1 of outstanding principal amount, including accrued interest.

The proposal will exclude the bonds held by TH Group Services Ltd., which has agreed to receive no payment.

Bondholders will be asked to vote on the proposal at a meeting on June 21.

For further details on the meeting, bondholders may contact company secretary Rufus Laycock at 020 7339 1049 or rufus.laycock@thglobal.com.

TH Global is an Anglo-Norwegian engineering and construction company based in London.

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