Grontvedt plans buyback, call of NOK 600 million bonds due 2024

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – Grontvedt AS is planning a conditional buyback of its outstanding NOK 600 million senior secured bonds due Sept. 23, 2024 (ISIN: NO0011094658), according to a notice.

The buyback is contingent on subscription of NOK 500 million of new senior secured three-year floating-rate bonds.

Proceeds from the contemplated issue, along with those of a planned NOK 200 million equity raise, will be applied to repayment of the bonds. Subject to completion of the bond issue, Grontvedt will call the remaining net outstanding amount of the 2024 bonds at the prevailing call price.

Based in Uthaug, Norway, Grontvedt is a pelagic company specializing in herring products.

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