Realkapital European Opportunity secures votes to extend bonds to 2014

By Susanna Moon

Chicago, Feb. 7 - Realkapital European Opportunity AS received 100% of votes cast at a meeting held in Oslo on Feb. 7, which allows the company to extend the maturity date of its senior secured callable bonds by one year to June 24, 2014, as announced on Jan. 21.

There were enough bondholders to form quorum - those representing at least half of the bonds - and the proposal was adopted, according to a notice by bond trustee Norsk Tillitsmann ASA.

The company offered a 2% consent fee, according to a previous trustee notice.

As previously noted, the extension would give the company increased flexibility during its sales process.

The company did not expect to "take advantage of the extension for the full loan nor use the full duration of the extension," so it felt fair to offer an upfront fee rather than increase the coupon for an "uncertain volume and duration," the previous notice said.

At least two-thirds of the bonds represented at the meeting needed to vote in favor of the extension.

For more information, contact Morten Kampli (+47 970 287 81 or morten.kampli@platou.com).

Oslo-based Realkapital invests in European real estate markets excluding former Soviet republics.

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