Highclere obtains holder approval to issue $8.75 million more bonds

By Tali David

Minneapolis, Nov. 26 - Highclere Holdings Ltd. attained approval from bondholders to issue more of its senior secured callable bonds due 2015, according to a notice to bondholders from trustee Norsk Tillitsmann ASA.

All of the votes cast at a bondholder meeting on Nov. 26 were in favor of the proposal.

As previously reported, the company issued $20 million of the bonds on Feb. 26, 2013 and $8.25 million more on July 23. It asked for approval to increase the principal amount of additional bonds that may be issued under the loan agreement to $34 million from $10 million, thereby increasing the maximum principal amount of bonds that may be issued to $54 million from $30 million.

The company plans to issue $8.75 million of additional notes and use the proceeds to cover the future working capital requirements of a vessel that is nearing completion.

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