Northern Logistic Property to discuss amending floaters

By Susanna Moon

Chicago, Dec. 15 - Northern Logistic Property ASA will hold a bondholders meeting on Dec. 23 to discuss amending its bond loan agreement.

The proposed amendments include the following:

• Provision on building of a debt-servicing account as resolved in the bondholders meeting on Oct. 2 is set aside and replaced so that half of the outstanding bonds are repaid on Dec. 31 and the remaining are paid with eight payments until the final payment on April 12, 2011;

• Northern Logistic may call the bonds at par;

• Raise interest to Nibor plus 425 basis points from Nibor plus 200 bps; and

• Amend existing dividend restriction so that the company undertakes during the term of bonds to not pay dividends, reduction of share premium fund, buyback of shares or similar or in other ways make distributions to its shareholders, without first having made full redemption of the bonds.

Northern Logistic Property is an Oslo-based real estate company.

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