Cegal owner Chip Bidco calls NOK 1.25 billion of senior secured bonds

By Mary-Katherine Stinson

Lexington, Ky., Feb. 15 – Chip Bidco AS will exercise the call option for all its outstanding senior secured notes due Dec. 13, 2024 (ISIN: NO0010869761), according to multiple notices.

The notes will be redeemed at 101.47 plus accrued interest, with settlement scheduled for Feb. 29, which is 10 days after the date of the notice.

The record date is Feb. 27.

Nordic Trustee AS is the bonds’ trustee.

The bonds were originally issued in two parts in June 2020 and September 2021.

The redemption is conditioned upon the satisfaction of certain conditions no later than Feb. 26.

Specifically, the conditions include completion of the initial issue of bonds in an amount of NOK 1.55 billion under Chip Bidco’s NOK 2.25 billion senior secured bond issue 2024/2027, completion of the required amendments to the RCF finance documents and replacement of the intercreditor agreement.

As previously reported, the company announced the successful placement of a new NOK 1.55 billion of three-year senior secured bond issue on Feb. 9, the proceeds of which will be used for the redemption. The placement is expected to settle on Feb. 26.

Cegal is a software company that provides cloud services for oil and gas, renewables and ocean industries.

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