Aker: Holders may exercise dividend put option under bonds due 2020

By Susanna Moon

Chicago, Nov. 13 – Aker BP notified holders of a dividend put option under its bonds due 2020, which may be exercised until Nov. 23.

The notes are putable at 107% of par plus accrued interest because the issuer made a distribution to its shareholders of NOK 911,087,178 on Nov. 9, which constitutes a distribution event under the note terms, according to the notice.

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

Holders may put the bonds up to a pro rata share of 911,087,178.

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

The leverage ratio as of the latest compliance certificate is 0.95x.

The notes were issued July 1, 2013.

Fornebu, Norway-based Aker BP focuses on petroleum resources on the Norwegian Continental Shelf.

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