Fjord Line offers to buy back up to NOK 178.5 million of 8.75% bonds

By Marisa Wong

Morgantown, W.Va., June 27 – Fjord Line AS is offering to buy back up to NOK 178.5 million of its 8.75% senior bonds due Feb. 5, 2018, according to a notice.

The issuer is inviting all bondholders to sell all or a portion of their bonds at a fixed price of 103.5. The offer will be settled in cash, and the company will also pay accrued interest on any bonds repurchased.

Offers must be submitted by 11:30 a.m. ET on July 4. Results of the buyback offer will be announced before 4 a.m. ET on July 5.

Settlement is expected to occur on July 7.

Norne Securities AS is the manager for the buyback.

Questions about the offer should be directed to representatives at Norne Securities Fixed Income Sales: Thomas Olsen at +47 91 32 56 52, +47 55 55 91 35 or thomas.olsen@norne.no; and Stig Sevaldsen at +47 482 05 258 or stig.sevaldsen@norne.no.

Fjord Line currently owns NOK 121.5 million of the 8.75% bonds. The company said it will cancel these bonds together with all bonds repurchased in the offer.

Other than the current buyback, Fjord Line is not planning on making further offers for the bonds before their maturity.

Fjord Line operates a ferry service and cargo transport between Norway and Denmark. The company is based in Egersund, Norway.

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