Helly Hansen receives holder OK to amend callable bonds due 2017

By Toni Weeks

San Luis Obispo, Calif., July 21 – Teodin Acquico AS (Helly Hansen) said it received approval to amend its senior secured callable bonds due 2017, according to a notice from Nordic Trustee ASA, the trustee for the notes.

The notice said that there were sufficient bondholders present at the July 21 meeting, held in Oslo, to form a quorum, and the proposed resolution obtained 97.54% of the votes.

As previously reported, the company was seeking to amend the leverage ratio and to permanently remove Teodin Holdco AS from its guarantee obligations and from its bank accounts security.

In exchange, the company offered a fee of 25 basis points, a bump up in the payment at maturity to 101 from par and an increase in the call premium of 100 bps to 108, 105.5 and 102.

When the meeting was announced on July 7, the company said it had already obtained commitments to vote for the measure from holders of more than half of the bonds.

In order for the measure to pass, holders of at least half of the bonds represented needed to vote for the proposal. To form a quorum, at least half of the bonds needed to be represented at the meeting.

The bonds were issued in 2012.

Helly Hansen is a Moss, Norway-based maker of outdoor sports apparel.

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