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Ice Group asks noteholders to extend floaters a couple of months
Chicago, March 11 – Ice Group Scandinavia Holdings AS is asking holders of its NOK 800 million floating-rate senior bonds due in April 2022 (ISIN: NO0010789035) to extend the maturity date until June 30, 2022, according to an announcement.
The issuer’s parent organizations are selling the issuer to Lyse AS, with other assets and businesses.
The transaction is expected to close at the end of March, but final regulatory approvals may take longer.
To make sure the transaction will be carried out before the final maturity and repayment of the bonds, the issuer is asking bondholders to grant an extension option in the bond terms.
The maturity date would only be extended at the discretion of the issuer subject to fulfillment of certain conditions.
If the extension option is utilized, it would mean that interest due on April 7 would not be paid until the extended maturity date and the interest would also not be capitalized but only paid at maturity, the acquisition by Lyse will not constitute a change-of-control event and the issuer may redeem the bonds at par any time thereafter.
If the extension option is utilized, though, bondholders will be offered an extension fee of a flat 0.75% on the nominal amount of each outstanding bond, payable on the extended maturity date.
Bondholders may contact the bond trustee with questions (+44 2287 9406, laerum@nordictrustee.com).
Bondholders may also contact ABG Sundal Collier ASA (+47 4121 3410, ola.nygard@abgsc.no).
The meeting will be held at 7 a.m. ET on March 28 at the offices of Nordic Trustee.
Bondholders may authorize Nordic Trustee to vote on their behalf by submitting a form to the trustee in due time before the meeting, by scanned e-mail or post.
Ice Group is a wireless telecommunications company based in Oslo.
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