Det norske/Aker amends floaters due 2020 to be repaid at 107, adds put

By Susanna Moon

Chicago, Oct. 14 – Det norske oljeselskap ASA obtained the needed votes to amend its senior floating-rate bonds due 2020.

At the bondholder meeting, there were enough holders to form a quorum and the proposed measure obtained 94.41% of the votes cast, according to a notice from Nordic Trustee ASA.

As announced Sept. 30, Det norske was asking for amendments to the bond agreement to remove restrictions related to dividend disbursements and replace them with a put option, according to a separate notice.

In return, the bonds will be repaid at 107% of par, a compensation increase of 300 basis points compared with the previous repayment level, at maturity in 2020.

The floaters were issued in 2013.

Also, Det norske oljeselskap ASA completed its merger with BP Norge AS with the subsequent establishment of Aker BP ASA, an oil exploration and development company based in Trondheim, Norway.

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