Iceland Seafood calls bondholder meeting to approve asset sale

By Marisa Wong

Los Angeles, Oct. 18 – Iceland Seafood International hf will convene a bondholders meeting for its ISK 3.4 billion 5.65% bonds due 2025 in the series ICESEA 25 06 (ISIN: IS0000033199) in relation to the sale of Iceland Seafood UK Ltd., according to a Wednesday press release.

The meeting will be held on Oct. 25 in Reykjavik.

The only agenda of the meeting is to decide on a consent in relation to condition 9.3 of the terms and conditions for the bonds, since the sale of Iceland Seafood UK means that assets representing more than 5% of total group turnover are being sold.

According to a preliminary announcement on Sept. 27, the issuer needs consent from holders of the bonds for an amendment or a waiver of one of the financial covenants under the bonds.

To compensate bondholders for granting this consent, the issuer will amend the interest rates of the bond to reflect changes in market conditions since the bond was issued, according to Wednesday’s announcement.

Kvika Bank is the company’s financial adviser in relation to this matter.

The issuer said that further information in relation to the bondholders meeting will be provided in due course.

The Reykjavik-based seafood company issued the bonds in June 2021.

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