Dolphin Group seeks consent to extend bond maturities by 15 months

By Angela McDaniels

Tacoma, Wash., April 24 – Dolphin Group ASA is soliciting consents to extend its two senior bond issues by 15 months each, according to a notice from bond trustee Nordic Trustee ASA.

If the extension is approved, the maturity dates will be extended to Feb. 14, 2018 from Nov. 14, 2016 and to March 5, 2019 from Dec. 5, 2017.

The company is offering a consent fee of 50 basis points.

Bondholders will vote at separate meetings in Oslo at 6 a.m. ET on May 13.

For each series, the holders of at least half of the bonds must be represented at the meeting in order to form a quorum, and the holders of more than two-thirds of the bonds represented at the meeting must vote in favor of the proposal in order for it to pass.

The proposed extensions are part of a larger effort by the company to strengthen its financial position. The company will also amend the amortization profile of its main bank facility, roll $20 million of the facility into a bullet loan due in the second quarter of 2019 and issue 70 million new ordinary shares in a private placement.

All of the transactions are contingent upon each other. Completion is subject to bondholder approval of the maturity extension, shareholder approval of the private placement and the shares in the private placement having been fully paid and issued.

Arctic Securities AS is acting as manager of the consent solicitation.

Dolphin is an information technology company based in Oslo.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.