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Holmetjern Invest sets bondholders meeting, seeks maturity extension
By Mary-Katherine Stinson
Lexington, Ky., Jan. 27 – Holmetjern Invest AS announced it will convene a general meeting of the holders of its floating-rate senior secured bonds due 2022 (ISIN: NO0010815632) at 6 a.m. ET on Feb. 10.
Bondholders will decide on, among other things, a postponement of the maturity date to June 16 from Feb. 16 although the bonds may be redeemed at 101 at an earlier date.
Bondholders will also be asked to approve the following changes: that the outstanding bonds will be redeemed at 101; that in any redemption prior to June 16 the issuer shall provide five business days’ notice; and, that bondholders will receive an additional pro rata payment of NOK 3 million to be split between bondholders plus interest on Feb. 16.
The company is selling a landplot, a sale that is expected to be completed in the first quarter of 2022.
Holmetjern will use the proceeds from the sale first towards repaying the bonds in full.
The reason for the proposal is to safeguard that the sales transaction will be closed on the agreed and signed terms, to the benefit of all stakeholders of the issuer.
Approval from bondholders representing at least two-thirds of the notes is needed.
ABG Sundal Collier (Tore.Sandvik@abgsc.no) and Arctic Securities AS (Thomas.Hasner@arctic.com) are financial advisors to the company.
Bondholders may authorize trustee Nordic Trustee AS (mail@nordictrustee.com) to vote on their behalf, but must do so before 2 p.m. ET the business day before the meeting.
Bondholders who wish to attend the meeting should also notify the trustee before 10 a.m. ET the day before the meeting.
Holmetjern Invest is an investment and development company with current business in real estate, industry and financial investments, headquartered in Trondheim, Norway and owned by the Trondheim companies Selmer Holding, Snowy Invest and Singsaker Eiendom.
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