Proximar Seafood seeks consents from holders of 7% convertibles

By William Gullotti

Buffalo, N.Y., April 21 – Proximar Seafood AS, via its trustee Nordic Trustee AS, is seeking consents from holders of its NOK 300 million 7% subordinated convertible bonds due 2025 (ISIN: NO0012733387), according to two notices on Friday.

According to the trustee, the issuer considers the solicitation necessary as the current structure of the convertibles could impede a future capital raise. The decision to solicit consents followed the company’s blue-sustainability loan, signed March 31, for ¥8.8 billion with three Japanese banks.

The company is seeking bondholder consent to amend the definition of “share issue” so that the holders will be limited to exercising conversion rights, at the adjusted conversion price in connection with a share issue, to the first private placement or rights issue to occur after the issue date. This would ensure that the structure of the conversion rights is more consistent with market practice for convertible bond issues, while still providing the bondholders with the additional dilution protection for one future share issue.

There will be no payment for consents.

The voting period will expire May 9.

The trustee will provide further information to holders via contacting Fredrik Lundberg (lundberg@nordictrustee.com).

The land-based salmon farming company is based in Bergen, Norway.

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