| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2015 > News item |
Dolphin lifts consent fee in bid to extend bond maturities by 15 months
By Susanna Moon
Chicago, May 12 – Dolphin Group ASA lifted the consent fee in the solicitation to extend its two senior bond issues by 15 months each.
The consent fee is now 200 basis points, up from 50 bps, according to a notice from bond trustee Nordic Trustee ASA.
The company is seeking to amend its NOK 400 million 12/16 floating-rate notes and NOK 500 million 13/17 floating-rate notes.
Bondholders will vote at separate meetings in Oslo at 6 a.m. ET on May 13. The meetings were announced on April 24.
As previously announced, if the extension is approved, the maturity dates will be pushed out to Feb. 14, 2018 from Nov. 14, 2016 and to March 5, 2019 from Dec. 5, 2017.
For each series, the holders of at least half of the bonds must be represented at the meeting in order to form a quorum, and the holders of more than two-thirds of the bonds represented at the meeting must vote in favor of the proposal in order for it to pass.
The proposed extensions are part of a larger effort by the company to strengthen its financial position. The company will also amend the amortization profile of its main bank facility, roll $20 million of the facility into a bullet loan due in the second quarter of 2019 and issue 70 million new ordinary shares in a private placement.
All of the transactions are contingent upon each other. Completion is subject to bondholder approval of the maturity extension, shareholder approval of the private placement and the shares in the private placement having been fully paid and issued.
Arctic Securities AS is the manager of the consent solicitation.
Dolphin is an information technology company based in Oslo.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.