Harkand Finance to make PIK payment at 0.6% rate May 24 after default

By Wendy Van Sickle

Columbus, Ohio, May 13 – Holders of Harkand Finance Inc.’s senior secured callable bond issue 2014/2019 will receive a payment-in-kind at a rate of 0.6% per annum on May 24, following the company’s missed payment on the bonds in March, according to a notice Friday from bond trustee Nordic Trustee ASA.

The company missed the PIK and the 7.8% per annum cash coupon payment on the bonds on March 28.

The record date for the May 24 payment-in-kind will be May 20.

Based in Aberdeen, Scotland, Harkand Finance owns and charters vessels. The company originally issued the bonds to help finance the purchase of vessels now acquired by its subsidiaries and currently on charter to other members of the Harkand group.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.