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Chile’s Nova Austral calls bondholders’ meeting for 2021, 2026 notes
Chicago, Aug. 5 – Nova Austral SA has issued a summons to a bondholders’ meeting regarding its 8¼% first-lien senior secured callable bonds due 2021 (ISIN: NO0010795602) and its 12% second-lien senior secured callable bonds due 2026 (NO0010894264), according to a notice.
The company wants to purchase the remaining 15% shareholder’s interest in Piscicultura, a company that constructs, operates and maintains a recirculation salmon hatchery.
The company’s revolving credit facility has been limited to a maximum draw of $58 million, instead of the maximum amount of $65 million.
The company needs $4 million to make the purchase of the salmon hatchery.
The issuer is seeking approval of the bondholders to make drawings under the revolver up to the maximum amount of $65 million.
Separately, the issuer and the bond trustee decided in March to amend the first-lien bonds to include an optional par call starting Jan. 3, 2021, and that the omission of a par call from the bonds terms originally was a manifest error. The amendment was announced on March 26, and certain bondholders objected to the change.
After discussions with bondholders, the company is now proposing optional call prices of 105 starting July 3, 2022, 102.5 starting July 3, 2023 and par after Jan. 3, 2024.
The call options for the second-lien bonds would remain unchanged.
The proposals are separate proposals, to be evaluated individually.
A bondholder meeting will be held at 7 a.m. ET on Aug. 19 on the premises of Nordic Trustee AS.
More information can be had by contacting http://nova-austral.cl/ or reaching out to Halvor Horten (+44 7917 038 132, hhorten@baincapital.com) or Tom Jovik (+47 95878858, tom.jovik@altor.com).
At least half of the bonds must be represented at the meeting and votes representing two-thirds of those present are needed to pass each proposal.
The Magallanes, Chile company produces and processes sustainable salmon. The company is owned by the equity Altor Fund III and Bain Capital funds.
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