Klaveness gets holder approval to add call option for notes due 2020

By Susanna Moon

Chicago, Dec. 6 – Klaveness Ship Holding AS plans to call its floating-rate notes issue 2013/2018 and floating-rate notes issue 2014/2020 via a new issue of notes.

As announced Nov. 22, Klaveness sought to redeem the notes due 2020 by adding an early mandatory redemption in the bond agreement.

At a meeting Tuesday in Oslo, there were enough bondholders present to form a quorum and the proposed measure obtained 100% of the votes, according to a company announcement.

As a result, the notes due 2020 will be redeemed at 101.54% of par plus accrued interest no later than 10 business days after the settlement of the new issue, according to a company update.

The mandatory redemption date for the KSH02 PRO bonds due 2020 has been set for Dec. 9 with a record date of Dec. 7.

The issuer previously said it also will exercise the call option for the KSH01 PRO bonds due 2018 at 103% of par plus accrued interest.

Klaveness had priced NOK 300 million senior bonds due May 2021 with a coupon of Nibor plus 525 basis points and a borrowing limit of NOK 500 million.

Proceeds will be used to refinance the two note issues as well as for general corporate purposes.

To pass, the amendments required approval from holders of at least two-thirds of those bonds represented at the meeting. To form a quorum, at least half of the voting bonds needed to be represented.

Danske Bank Markets, DNB Markets and Pareto Securities AS are the financial advisers.

Klaveness Ship Holding, through its subsidiaries, owns, operates and charters ships in Oslo.

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