Havila seeks to amend bonds due 2014 in connection with acquisition

By Susanna Moon

Chicago, May 11 - Havila AS said it will hold a meeting in Oslo on May 29 to propose changes to its senior secured callable bonds due 2014 to allow incurring bank debt under the bond agreement.

The company also is proposing amendments that will allow it to call the bonds at 107 beginning Dec. 30, 2012, at 106 from March 27, 2013 to September 2013 and at 103 afterward.

The proposed amendments are in connection with its acquisition of Havila Ariel ASA, according to a notice by trustee Norsk Tillitsmann AS.

The acquisition will be financed by NOK 300 million of bank loans, which require changes to the bond agreement.

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