New Nordic gets consents to amend €23 million of floaters due 2022

By Susanna Moon

Chicago, June 15 – New Nordic FinCo Holding A/S received holder support to amend the terms of its €23 million floating-rate senior secured bonds due 2022 as of Thursday.

There were enough holders to form a quorum, and the measure garnered votes from holders of 67.78% cast, according to a notice by Nordic Trustee A/S.

As announced June 11 the company was asking for noteholder approval by way of written resolution that until three business days after the summons date of June 11.

After having considered the company’s planned contribution transaction, the issuer decided not to complete it and has withdraw the application because it would have been considered an insurance financial holding company afterward.

The issuer and its parent “have decided that it would be more beneficial to the group to maintain the current group structure whereby the parent is the ultimate and sole holding company of the various sub- groups (underwriting (Qudos), distribution (Blue Energy), asset management (Aros/New Nordic Capital) and technology (Envelop)),” the previous release noted.

Therefore, the issuer is requesting an extension of the longstop date until July 2 with an authorization to further extend the longstop date until July 16 if the only condition outstanding on the first longstop date is the binding commitment from investors to acquire parent subscribed bonds in a nominal amount and at a price sufficient to generate cash proceeds of at least the equivalent of the bridge investor settlement amount and the issuer confirms to that the extension o will not constitute a breach of the terms of the settlement agreement and it has liaised with the manager and, on this basis, it has concluded that there are reasonable prospects of satisfying the condition by the extended longstop date.

If the bondholders accept the extended longstop date, the first interest payment date will fall before the release of funds from the escrow account.

The amendments to the original bond terms agreed to in the waiver and amendment letter dated March 16 also were included in the amended bond terms, the release added.

For questions, contact Pareto Securities AS, Copenhagen branch at +45 78 73 48 11 or +45 78 73 48 01.

The proposed amendments needed to be passed by bondholders representing at least a two-thirds majority.

New Nordic operates as a special purpose entity based in Koebenhavn, Denmark formed for the purpose of issuing and repaying debt.

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