Hoegh LNG calls bondholders' meeting to amend floaters due 2017

By Marisa Wong

Madison, Wis., Sept. 19 - Hoegh LNG Holdings Ltd. is proposing to amend its senior floating-rate callable bonds, issue 2012/2017. The company is calling a bondholders' meeting to solicit approval of the changes, according to a notice from bond trustee Norsk Tillitsmann ASA.

Hoegh LNG is seeking to amend the pro-forma equity ratio definition and other related definitions under the bond agreement so that it can enter into bareboat charters without violating current capital expenditure requirements.

The bondholders' meeting is scheduled for Oct. 3.

The issuer is offering bondholders of record as of Oct. 4 a one-time amendment fee of 0.25% if the proposal is passed at the meeting.

Holders representing at least two-thirds of the bonds represented must vote in favor of the resolution in order for it to pass.

Half of the bonds must be represented at the meeting in order to form a quorum.

Hoegh LNG is a Norwegian liquefied natural gas shipping company. The holding company is based in Hamilton, Bermuda.

© 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.