Aker BP says holders may put floaters due 2020 at 107 until Aug. 23

By Susanna Moon

Chicago, Aug. 10 – Aker BP ASA notified holders that it triggered the put option under its floating rate notes due 2020 by making a dividend payout to shareholders.

As a result of the distribution, bondholders may put the notes at a price of 107% of par plus accrued interest, up to their pro rata share of a total of NOK 911,087,178, according to the notice.

The put option must be exercised by Aug. 23.

The notes are putable because the issuer made a distribution of NOK 911,087,178 to its shareholders on Aug. 9, which constitutes a distribution event under the loan agreement, the release noted.

The maximum number of bonds to be repurchased by the issuer is equal to NOK 911,087,178 divided by the face value.

The issuer said it holds NOK 7,690,568 principal amount of the notes.

Holders may contact the bond trustee at mail@nordictrustee.com.

The leverage ratio is 1.1x.

The floaters were issued on July 1, 2013.

The Fornebu, Norway-based oil exploration and development company

© 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.