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Norway’s TTS seeks four-month extension for convertible bond loan
Chicago, May 31 – TTS Group ASA is seeking approval from bondholders for a proposed four-month extension to its convertible bond loan, currently set to expire July 18.
As previously reported, the company extended the maturity to July 18 in November 2018.
The extension is based on more time needed for the possible transaction between TTS and MacGregor/Cargotec, which is awaiting clearance from Chinese authorities.
Alternatively, the extension would allow time to plan and implement refinancing of TTS on a potential stand-alone basis.
The company has received indications from a two-thirds majority of the bondholders that they intend to support the extension.
A bondholder meeting will take place on June 17.
The company is also in dialogue with its banks, Nordea and DNB, about the extension of its banking facilities for four months.
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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