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Golden Energy starts required tender for NOK 100 million of bonds
New York, April 15 – Golden Energy Offshore Services AS announced it has begun a tender offer to buy NOK 100 million of its senior secured callable bond issue 2014/2017.
The offer is required under the terms of amendments approved at a meeting of bondholders on March 30.
Golden Energy is offering to buy the bonds at up to 30% of par, according to a notice from the company.
The price includes the interest claim for the Feb. 29 coupon that was not paid and any other accrued interest.
The exact buyback price will be set through a reverse auction. Golden Energy will buy bonds at the lowest prices first up to a total par amount of NOK 100 million.
Golden Energy said it may increase the amount bought at its discretion.
If sufficient bonds are not tendered, Golden Energy may buy those that are tendered or buy none.
Golden Energy said that the offer is being carried out by its “grandmother company” Golden Energy Offshore Holdings (Norway) AS. Golden Energy Offshore Holdings will convert the claim represented by the bonds into stock which will be transferred to parent company Golden Energy Offshore AS, making Golden Energy Offshore AS the sole shareholder in Golden Energy Offshore Services.
The tender ends at 10 a.m. ET on April 20.
SpareBank1 Markets is the manager.
At a meeting on March 30, holders of the bonds approved a standstill expiring April 25, a maturity date extension and an interest reduction.
As a condition to effectiveness of the amendments, Golden Energy is required to redeem at least NOK 100 million principal amount of the outstanding bonds.
A separate claim was established for the Feb. 29 interest payment that will be paid at a rate of 5% from Nov. 30, 2015 to April 29.
Golden Energy is an offshore services company is based in Alesund, Norway.
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