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AGR Holdings seeks to shorten call notice time under bonds due 2018
By Susanna Moon
Chicago, July 30 – AGR Holdings AS is seeking holder approval to shorten the call option notice period under its senior secured bonds due 2018 related to the sale of the company.
A bondholder meeting will be held Aug. 13 in Oslo.
In order to facilitate the sale and the purchaser’s refinancing of the group, the issuer would like to cut the notice period for exercising a call option to 10 days from 30 days, according to Nordic Trustee ASA, the bond trustee.
AGR Group ASA is parent guarantor, and the issuer’s subsidiaries are original guarantors.
In exchange, holders will receive a one-time waiver fee of 0.25% of the outstanding principal amount of the bonds. Holders must be of record as of the end of business on the date of the bondholders’ meeting.
To pass, the holders of at least two-thirds of the voting bonds represented at the meeting must vote for the proposal. To form a quorum, at least half of the voting bonds must be represented at the meeting.
The bonds were issued in 2013.
The company is a provider of well, HSEQ, reservoir and field management services to the oil industry and is based in Fjell, Norway.
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