Solor seeks to add call option to NOK 650 million, 950 million bonds

By Susanna Moon

Chicago, March 16 – Solor Bioenergi Holding AB is asking bondholders to add a call option for its NOK 650 million senior secured bond issue 2012/2017 and SEK 950 million senior secured bond issue 2014/2019.

A bondholders meeting has been scheduled for March 30 in Oslo.

Solor plans to refinance all of its bonds and bank loans through “a syndicate of infrastructure banks and other financing providers and will provide the company with a sustainable long‐term capital structure going forward,” according to a company notice.

The refinancing is expected to close in mid‐April and no later than May 31 and requires corporate resolutions, required consents from the finance syndicate as well as approval to add the call option.

As part of the refinancing, the company is seeking to call the bonds at par.

To vote by written resolution for the SEK notes, the voting forms must be submitted by 11 a.m. ET on April 4. To participate, holders must be of record as of March 24, according to a separate company notice.

Solor said it has gotten preapproval to add the proposed call from holders of a majority of the NOK bonds and from holders for more than two-thirds of the SEK bonds.

To form a quorum, there must be at least one-half of the bonds represented at the meeting. To approve the amendments, holders of at least two-thirds of the bonds represented at the meeting must vote in favor of the resolution, according to a third company notice.

The issuer is a Stockholm-based company that provides wood-based energy services in Sweden and Norway.

© 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.