I.M. Skaugen seeks consents to extend floaters by eight more months

By Susanna Moon

Chicago, April 8 – I.M. Skaugen SE is seeking to further extend the maturity of its senior floating-rate notes due June 30, 2016, now by eight more months until Feb. 17, 2017.

Interest accrued to the original maturity date would be paid on June 30.

The company also is asking holders to waive the equity ratio covenant until the extended maturity date, according to a notice from trustee Nordic Trustee ASA.

A bondholders meeting has been set for April 22 in Oslo.

For the measure to pass, holders of at least two-thirds of bonds represented at the meeting must vote in favor of it. To meet quorum, at least one half of the bonds must be represented at the meeting.

The company is offering a consent fee of 2%.

Arctic Securities AS is the financial adviser.

The four-year bonds were issued in 2012.

As reported Feb. 23, the company secured the needed consents to extend its NOK 209 million of outstanding bonds due Feb. 27, 2015 to June 30, 2016.

Now, the company is looking for a “short-term deferment” to “allow the company to benefit from the encouraging results of the group’s commercial initiatives in the small scale LNG segment in particular, but also in the LPG/petrochemical gas segments,” the release said.

I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.

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