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Nor Offshore to redeem $105.14 million of 8.4% bonds due 2020 at 40
By Susanna Moon
Chicago, Feb. 23 – Nor Offshore SPV, Ltd. said holders approved a partial redemption of its $280,368,365 of 8.4% senior secured callable bonds, issue 2016/2020 at a meeting held Thursday.
The company will redeem $105,136,243 of the bonds at 40% of par plus accrued interest on March 1, according to a notice from bond trustee Nordic Trustee AS.
After the redemption, there will be $175,232,122 of the bonds left outstanding.
As announced Feb. 14, the issuer was asking holders to approve a partial redemption and an amendment to the bond agreement.
The company planned to fund the redemption with cash totaling $43.6 million.
The issuer was also asking bondholders to approve an amendment to the bond agreement to increase the cash sweep threshold for the bonds to $7.5 million from $5.5 million and the installment amount to any amount exceeding $7 million from any amount exceeding $5 million.
To approve the resolution, holders of at least two-thirds of the bonds represented at the meeting had to vote in favor of the resolution.
In order to have a quorum, at least half of the voting bonds needed to be represented at the meeting.
The issuer said it sought the partial redemption and the cash sweep threshold increase in order to have a more sustainable capital structure going forward.
The company said it was unlikely that its remaining assets, mainly consisting of its Nor Da Vinci vessel, would be sufficient to cover the outstanding bonds.
More detailed information can be obtained by contacting Kevin O’Hara, director of Nor Offshore, at kohara@amausa.com or 212 682-3344.
The special-purpose vehicle issued $121 million of the bonds in July 2016 to settle Harkand Finance Inc.’s obligations owed to the holders of its senior secured callable bonds due 2019.
Based in Aberdeen, Scotland, Harkand Finance owns and charters vessels.
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