Exmar holders exchange NOK 145 million krone bonds for dollar bonds

By Susanna Moon

Chicago, July 6 – Exmar NV said holders tendered for exchange NOK 145 million of its senior unsecured bond issue 2014/2017.

As reported June 20, the issuer was offering to exchange its existing bonds denominated in Norwegian krone for new dollar-denominated bonds with a step-up of 50 basis points in the margin to 850 bps for the dollar bonds from 800 bps for the krone bonds.

In exchange for tendered notes, holders will receive dollar-denominated bonds totaling the exchanged notes divided by a dollar/NOK exchange rate of 8.3852 as of 4 a.m. ET on June 29, according to a notice.

The NOK and dollar bonds will receive their respective new interest rates beginning July 7.

The dollar bonds will be issued on July 17.

Bondholders willing to accept the exchange offer needed to submit an acceptance form by 6 a.m. ET on June 29.

The company said on June 27 that it had secured holder support for the exchange offer, with approval by 94.24% of the bondholders.

DNB Markets (bond.syndicate@dnb.no), Pareto Securities (Marcus.Rosen@paretosec.com), Nordea (Nicolai.bratt@nordea.com) or SEB (peter.rohn@seb.no) are to be contacted for information.

Exmar NV is an Antwerp, Belgium-based company that transports gas and, in particular, liquefied gases.

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