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J. Lauritzen scraps tender, consent bid for floaters, cancels meeting
By Susanna Moon
Chicago, March 27 J. Lauritzen A/S canceled the Tuesday meeting for holders of its NOK 500 million floating-rate senior bonds due 2017.
The issuer called off the meeting because it has decided to cancel the ongoing processes related to the tender offer and consent solicitation, according to a notice from bond trustee Nordic Trustee ASA.
As announced Feb. 24, the company was tendering for the floaters at 95% of par until 6 a.m. ET on March 8.
The company then increased the price offered on March 13 and the redemption price for two new proposed call options to 97% of par and extended the early consent fee deadline, the tender deadline and the final consent deadline to 7 a.m. ET on March 24 and postponed the bondholder meeting from 4 a.m. ET on March 14.
As previously reported, the company was offering to purchase up to the equivalent of $20 million of the bonds.
In the consent solicitation, Lauritzen was seeking
To extend the maturity of the bonds to Oct. 24, 2021 from Oct. 24, 2017;
To decrease the minimum amount of free cash required by the bond agreement to $25 million from $50 million;
To amend the definition of equity ratio in clause 1 for the purposes of calculating the equity ratio covenant;
To add a call option giving the company the right to redeem up to the equivalent of $20 million of the notes on a pro rata basis during the three months after the amendment effective date at a redemption price of 97% of par; and
To add a second call option giving the company the right to redeem any amount of bonds at par beginning three months after the amendment effective date.
J. Lauritzen provides ocean transport solutions and is based in Copenhagen.
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