Vieo gets bondholder OK for waiver, amendments to bonds due 2022

By Susanna Moon

Chicago, Aug. 2 – Vieo BV secured the needed majority of bondholder consents to amend its €400 million senior secured callable bonds issue 2017/2022, according to a notice from bond trustee Nordic Trustee AS.

As announced July 27, the company was seeking bondholder approval for the waiver and amendments through a written resolution until 11 a.m. ET on Aug. 1.

Specifically, the issuer was asking bondholders to waive two Aug. 27 deadlines for the delivery of financial statements and to approve a new deadline of Nov. 30.

In May, holders had granted extensions of the original deadlines, which the company was unable to meet.

The company was also asking to exclude new IFRS standards in the calculation of financial covenants under the terms of the bonds.

In addition, the issuer was looking to amend the maturity date to Sept. 7, 2020.

The issuer proposed an update to the call option so that the bonds would be callable in whole or in part at 101 from and including July 27 to but excluding the maturity date.

The proposal also included changes to some definitions.

Holders of 66.5% of the voting bonds need to vote in favor of the proposals in order for them to be approved.

Bondholder approval of the proposal was conditioned on a two-part buyback offer.

A €15 million tranche of new cash equity is to be deposited by Pareto Securities AS, the issuer’s financial advisor, by Aug. 15. That amount is to be used to settle the buyback offer, which will be no later than Aug. 24.

After that, a second buyback of €15 million will be initiated on or before Oct. 15. The second buyback must be completed by Oct. 29.

Questions may be directed to Pareto (+47 22 87 87 70) and at the bond trustee, Lars Erik Laerum (+47 22 87 94 06 or laerum@nordictrustee.com). Bondholders may also contact the legal advisers to the ad hoc committee, Kon Asimacopoulos from Kirkland & Ellis International LLP (+44 20 7469 2230 or kon.asimacopoulos@kirkland.com) and Richard Sjoqvist at BAHR (+47 22 016 803 or ric@bahr.no).

Vieo provides wireline telecommunication services and operates in the Netherlands.

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