Atlantica Tender Drilling seeks to amend 8% second-lien bonds due 2019

By Marisa Wong

Morgantown, W.Va., Sept. 23 – Atlantica Tender Drilling Ltd. is seeking bondholder approval of proposed amendments to its 8% second-lien callable bonds due 2019, according to a notice from bond trustee Nordic Trustee ASA.

The issuer wants to amend, among other things, the definitions of change-of-control event, mandatory prepayment event and non-qualifying transaction.

Bondholders will vote on the proposed changes at a meeting to be held on Oct. 7 in Oslo.

To approve the proposed amendment, holders representing at least two-thirds of the bonds must vote in favor of the resolution. In order to have a quorum, at least half of the bonds must be represented at the meeting.

The issuer said that bondholders representing 71.9% of the outstanding bonds will vote in favor of the proposal.

Houston-based Atlantica offers solutions to the offshore drilling market with the development of tender assist designs.

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