Nexus gets holder approval to push out maturity at meeting on Monday

By Susanna Moon

Chicago, March 5 - Nexus Floating Production Ltd. said it received bondholder approval at a meeting on Monday to extend the maturity of its bonds by about a month to April 9, 2012.

The company was in ad hoc discussions with bondholders about a longer maturity extension "to allow for the full exploration" of any commercial value of the Nexus 2 contract option, according to a notice on Nov. 27 from bond trustee Norsk Tillitsmann ASA.

To approve the measure, the proposal needed votes from at least two-thirds of the holders at the meeting or by proxy. In order to meet quorum, there needed to be holders representing at least half of the bonds.

The ad hoc committee of bondholders was represented by AMA Capital Partners and Bingham McClutchen (London) LLP.

Nexus is located in Singapore and has a project office in Arendal, Norway.

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