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Bergen Group seeks consents to amend NOK 330 million notes, issue call
By Susanna Moon
Chicago, Nov. 19 - Bergen Group ASA said it will hold a meeting Dec. 4 in Oslo to propose amending its NOK 330 million senior secured bonds due July 9, 2013.
The company is soliciting consents to waive the book equity and net interest bearing debt-to-EBITDA covenants under the bonds, according to a notice by trustee Norsk Tillitsmann, ASA.
The company also will redeem NOK 47.5 million bonds at 101% of par plus accrued interest to a redemption date of no later than Dec. 21.
After settlement, there would be NOK 200 million of the notes outstanding.
The company will agree to keep from paying dividends or other distributions to shareholders beginning Dec. 4.
In order to pass, the measure requires a quorum of at least half the bonds represented at the meeting and two-thirds of those represented voting in favor of it.
Pareto Securities AS (+47 22 87 87 70) and Swedbank First Securities (+47 23 11 62 77) are the financial advisers.
Based in Bergen, Norway, the issuer is a maritime company focused on the offshore industry and specialized vessels.
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