Scatec aims to add call option to NOK 500 million floaters due 2018

By Susanna Moon

Chicago, Oct. 23 – Scatec Solar ASA is soliciting holder approval to amend its NOK 500 million floating-rate senior green bond issue 2015/2018 and has scheduled a bondholders' meeting for Nov. 6 in Oslo.

The issuer also is asking for holder consents through Nordea Bank AB (publ), Filial i Norge and Swedbank Norge, Norwegian Branch of Swedbank AB under a separate solicitation, according to a company announcement.

Specifically, the issuer is looking to add a call option at 104.25% plus accrued interest with settlement sometime after Nov. 17.

Holders who send voting instructions in favor of the amendments before the early consent time of 6 a.m. ET on Oct. 30 will receive an early consent fee of 0.5%, or a total amount of 104.75, as well as priority in the allocation of new bonds.

The early consent fee will not be given to those who vote in person or represented by proxy at the bondholders' meeting.

The consent deadline is 10 a.m. ET on Nov. 2.

Scatec said it is considering issuing new bonds in conjunction with the call, and holders who subscribe for bonds in the new issue in addition to participating in the consent solicitation may receive priority in the allocation of the new issue.

The solicitation agents are Nordea Bank AB (publ) (+45 6161 2996 or nordealiabilitymanagement@nordea.com) and Swedbank Norge (+46 8 700 90 22 or casper.bangstad@swedbank.se). The consent solicitation paying agent is Nordea Bank AB (publ) (issuersecustodian@nordea.com).

Oslo-based Scatec builds, owns, operates and maintains solar power plants.

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