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Norway’s TTS gets OK to cut coupon on convertibles, extend until 2019
By Susanna Moon
Chicago, March 22 – TTS Group ASA said it obtained the needed majority of consents to amend its 12% convertible callable unsecured subordinated bond issue 2011/2016.
As part of the terms, TTS had offered to redeem 10% of the notes and received redemption claims for NOK 2 million, or 2.1%, of the notes by the end of the redemption deadline, according to a company notice.
That brings the outstanding amount to NOK 93,345,000 from NOK 95,345,000.
The company said on March 8 that it was asking for bondholder approval to amend the convertibles because it was unable to repay the bonds at maturity on April 18, 2017.
Specifically, TTS sought to cut the coupon to 10% from 12% and to extend the due date by 21 months to Jan. 18, 2019.
The changes required bondholder consents at a meeting set for March 22 in Oslo as well as shareholder approval at a meeting set for March 30.
In the buyback offer, the issuer offered to purchase up to NOK 9,534,500 of the bonds at par until 6 a.m. ET on March 22, with cash settlement set for three business days after the bondholder meeting.
Pareto Securities AS (+47 22 87 87 70) is the adviser.
TTS is a Bergen, Norway-based company that designs, develops and supplies equipment for the marine and oil and gas industries.
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