Borgestad meets conditions to call floaters due 2024 on Dec. 20

Buffalo, N.Y., Dec. 13 – Borgestad ASA is moving forward with its intent to trim approximately 2.5 weeks off of its senior secured floating-rate bonds maturing Jan. 8, 2024 (ISIN: NO0010907736), according to a notice on Wednesday.

As previously reported Dec. 6, the redemption was conditioned on approval from the municipal council of Bjuv for a sale-leaseback transaction and approval of a private placement capital increase.

The company confirmed that the condition was satisfied, and it will redeem all NOK 100 million outstanding bonds from the NOK 300 million issue as planned on Dec. 20.

The bonds will be redeemed at par plus accrued and unpaid interest.

Nordic Trustee AS is the trustee.

Borgestad is a shipping, industry and real estate company based in Skien, Norway.

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