Vieo seeks bondholder OK of waiver, amendments to bonds due 2022

By Marisa Wong

Morgantown, W.Va., July 27 – Vieo BV is seeking bondholder approval of a waiver and some amendments to the terms of its €400 million senior secured callable bonds, issue 2017/2022, through a written resolution, according to a notice from bond trustee Nordic Trustee AS.

The issuer is asking bondholders to waive two Aug. 27 deadlines for the delivery of financial statements and to approve a new deadline of Nov. 30.

Bondholders had granted in May extensions of the original deadlines, but the company said it will be unable to meet the revised deadlines.

The company is also asking to exclude new IFRS standards in the calculation of financial covenants under the terms of the bonds.

In addition, the issuer is seeking to amend the maturity date to Sept. 7, 2020.

The issuer proposed an update to the call option. The bonds would be callable in whole or in part at 101 from and including July 27 to but excluding the maturity date.

The proposal also includes changes to some definitions.

The voting deadline is 11 a.m. ET on Aug. 1.

Holders of 66.5% of the voting bonds must vote in favor of the proposals in order for them to be approved.

No bondholders’ meeting will be held.

Bondholder approval of the proposal is conditioned on, among other things, a two-part buyback offer.

A €15 million tranche of new cash equity is to be deposited by Pareto Securities AS, the issuer’s financial advisor, by Aug. 15. That amount is to be used to settle the buyback offer, which will be no later than Aug. 24.

After that, a second buyback of €15 million will be initiated on or before Oct. 15. The second buyback must be completed by Oct. 29.

Questions may be directed at Pareto at +47 22 87 87 70 and at the bond trustee, Lars Erik Laerum at +47 22 87 94 06 or laerum@nordictrustee.com. Bondholders may also contact the legal advisers to the ad hoc committee, Kon Asimacopoulos from Kirkland & Ellis International LLP at +44 20 7469 2230 or kon.asimacopoulos@kirkland.com and Richard Sjoqvist at BAHR at +47 22 016 803 or ric@bahr.no.

Vieo provides wireline telecommunication services and operates in the Netherlands.

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