Troms Offshore seeks holder approval to redeem secured bonds

By Jennifer Chiou

New York, Aug. 19 - Troms Offshore Supply AS announced that it is seeking holder approval to amend the terms of its senior secured callable bonds due 2016 following a change of control. It will hold a meeting on Sept. 2 in Oslo.

The company said on May 14 that a wholly owned subsidiary of Tidewater Inc. entered into an agreement with HitecVision to purchase all Troms shares.

According to a notice from bond trustee Norsk Tillitsmann, Tidewater does not plan to keep the bonds under its long-term financing strategy.

Therefore, Troms is proposing that holders vote to authorize the change of the maturity date to Sept. 17, 2013 from 2016.

If approved, the bonds would be redeemed in full on the amendment maturity date at 105.25 plus accrued interest.

Holders of at least two-thirds of the bonds must vote affirmatively in order for the resolution to pass, and a quorum will be formed if half of the voting bonds are represented.

The Norway-based issuer is a private shipping company operating offshore service vessels.

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