GlobalConnect gets OK to amend 5.7% senior secured bonds due 2018

By Toni Weeks

San Luis Obispo, Calif., March 12 – GlobalConnect A/S received approval from holders of its DKK 500 million of 5.7% senior secured bonds due 2018 to amend the terms of the notes, according to a notice from Nordic Trustee ASA.

The company said a meeting was held on Thursday in Oslo, at which there were sufficient bondholders present to form a quorum, and the proposed resolution obtained 97.18% of the votes.

The approved amendments will

• Extend the notes’ maturity date to May 15, 2020;

• Change the borrowing limit in order for the company to issue up to DKK 900 million of bonds; and

• Provide a call option to allow the issuer to redeem the bonds in whole beginning in November 2017 at 104 plus accrued interest, in May 2018 at 103 plus accrued interest, in May 2019 at 102 plus accrued interest and in November 2019 at 100.5 plus accrued interest.

At least half of the bonds needed to be represented to form a quorum. In order to pass the extraordinary resolution, holders of two-thirds of those bonds needed to vote in favor of the changes.

Based in Taastrup, Denmark, the issuer provides secure data networking, housing and cloud services.

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