Emerging Europe Land seeks to amend 15% convertibles, convert 25% bonds to preferreds

By Susanna Moon

Chicago, Nov. 21 - Emerging Europe Land Development AS is seeking to amend its 15% convertible callable bond issue 2013/2014 and push out the maturity to April 1, 2017.

The issuer is proposing to cut interest to 12.5% and make the first payment on June 20, 2014, according to a notice from bond trustee Norsk Tillitsmann AS.

The company also is proposing to convert its 25% callable open bond issue 2012/2014 to preferred shares as part of the group's refinancing.

A bondholders meeting has been scheduled for Dec. 5 in Oslo.

Emerging Europe is a property investment and real estate management services company based in Oslo.

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