I.M. Skaugen approved to defer interest, principal on two bond series

New York, March 1 – I.M. Skaugen SE received approval from holders to defer its debt maturities until April 6 to allow for more time to finalize the details of a refinancing.

Specifically, the issuer will now postpone the maturity and interest payments on its NOK 340 million of IMSK12 bonds and NOK 350 million of IMSK13 bonds until April 6, according to a notice by Nordic Trustee ASA.

A bondholders meeting to approve the actions was held on March 1 in Oslo.

Sufficient holders of the IMSK12 bonds were present to form a quorum and all voted in favor.

Holders of the IMSK13 bonds also met the threshold for a quorum and 99.73% of votes were cast for the changes.

As announced on Feb. 15, the company planned to enter into the following agreements with creditors before the meeting:

• Nordea syndicate to defer maturity of its facility until April 6 provided that the borrower Somargas II Private Ltd. continues to pay cash interest during the period and there are no cash leakages to Swedbank, IMSK12 and IMSK13;

• Swedbank to defer maturity of its cross-currency swap and any interest payments under the swap until April 6; and

• Lease counterparties to agree to “pay as you earn” rates until April 6, which means there will not be any cash leakage to these counterparties during this period.

For the IMSK12 bonds, NOK 161.5 million is voting bonds and, for the IMSK13 bonds, NOK 243.5 million is voting bonds. Of those, 37% of the IMSK12 bonds and 45% of the IMSK13 bonds agreed to vote in favor of the proposal ahead of the meeting.

To pass the measure, at least two-thirds of the voting bonds represented at the meeting had to vote in favor and, to form a quorum, at least half of the voting bonds had to be represented.

As announced Jan. 24, the company had received the support of holders of its NOK 350 million of outstanding senior floating-rate notes issue 2012/2017 to shorten the maturity to Feb. 17, 2017 from April 11, 2017 and to postpone the coupon due Jan. 11 until maturity.

The company was asking to change the floater maturity to align it with its bank debt via a syndicate led by Nordea, a swap with Swedbank and the IMSK12 bond, all of which are set to mature on Feb. 17.

I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.

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