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Convene Holding requests maturity extension, calls bondholder meeting
By Mary-Katherine Stinson
Lexington, Ky., Oct. 21 – Convene Holding AS, with parent HI Bidco AS, is requesting a short maturity extension to its 5˝% senior secured NOK 1.35 billion callable open bond issue 2017/2022 (ISIN: NO0010808249) maturing Oct. 30, according to an announcement.
Bondholders are being asked to amend the terms to allow an initial maturity extension to Nov. 14 and to allow multiple extensions provided no extension goes beyond Dec. 31.
It is also proposed to extend the current interest period to the extended maturity date with a new interest rate to be fixed on Oct. 27.
As of Oct. 21, NOK 1 billion of the bonds are outstanding.
The voting period will expire at 10 a.m. ET on Oct. 26.
Bondholders must complete a voting form and scan it with proof of ownership to mail@nordictrustee.com by the end of the voting period.
The proposed resolution must be passed by at least a two-third majority or by a quorum representing 50% of the bondholders submitting a timely response to the summons and casting votes representing two-thirds of the bondholders.
Nordic Trustee AS is the trustee.
Arctic Securities AS and Pareto Securities AS are acting as financial advisors.
The company also reports it has been unable to refinance the company’s debt dated July 3 and July 5 but that there are ongoing constructive discussions with several stakeholders regarding potential solutions to the group’s capital structure.
Convene, located in Sandane, Norway, is a provider of payment, debt and patient management solutions in the Scandinavian health care sector. The company was previously known as Melin Medical Group.
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