Polarcus seeks consent to amend two series of bonds

By Taylor Fox

New York, March 31 – Polarcus Ltd. issued a summons to bondholders of a proposed written resolution for its 2.875% convertible bond issue 2011/2022 (A bonds) (ISIN: NO0010607435) and 0% secured convertible bond issue 2016/2015 (B bonds) (ISIN: NO0010757263), according to a news release.

The bondholders are invited to consider a resolution to approve certain working capital loans, a sale and purchase agreement in relation to the issued shares in Polarcus Selma Ltd., the guarantor in the bond issues, a partial release of the A bonds in consideration for the issue of shares in the parent company of the purchaser of the guarantor and the release of all security held by the bond trustee in the bond issues.

Eligible bondholders holding in excess of 60% of the voting bonds have informed the company that they will vote in favor of the proposed resolution.

Votes must be received by 10 a.m. ET on April 9 to be considered valid.

Nordic Trustee AS is the bond trustee.

Polarcus is a Dubai-based marine geophysical company specializing in high-end towed streamer data acquisition.

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