By Susanna Moon
Chicago, June 21 – DOF ASA said it asking for noteholder approval to redeem three series of notes at 50% of par through the issue of NOK 1,032,500,000 0% five-year subordinated convertible notes with no financial covenants.
The company will hold a meeting on July 5 in Oslo for holders of its NOK 700 million of senior floating-rate bonds due 2017, NOK 700 million of senior floating-rate bonds due 2018 and NOK 700 million of senior floating-rate bonds due 2019.
DOF is seeking to convert the three series of floaters into the new issue of zero-coupon convertibles, according to a notice by Nordic Trustee ASA.
The new issue would be convertible for five years from the shareholders meeting at NOK 1.00 per share and the notes will be redeemed at maturity in shares at NOK 1.00 per share.
The company then plans to issue stock with proceeds beyond NOK 850 million to be used to repurchase the convertibles at par.
As part of the refinancing, DOF also is looking to amend its senior secured bank facilities.
To form a quorum, at least one-half of the voting bonds must be represented at the meeting. To pass, two-thirds of the votes cast must be in favor of the measure.
The company has been hurt by the industry downturn with the slide in oil prices causing “depressed levels of spending by E&P companies,” the release noted.
For more information, call Pareto Securities AS at +47 22 87 87 70.
DOF is a Storebo, Norway-based company that provides services to the global oil and gas industry.
New issue
| Issuer: | DOF ASA
|
| Issue: | Subordinated convertible notes
|
| Amount: | NOK 1.03 billion
|
| Maturity: | Five years
|
| Coupon: | 0%
|
| Call option: | At par
|
| Conversion price: | NOK 1.00
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
