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BWG Homes parent seeks noteholder approval to redeem notes Oct. 1
By Angela McDaniels
Tacoma, Wash., Aug. 29 – OBOS BBL is seeking noteholder approval to redeem BWG Homes ASA’s senior bonds due in 2016 and 2018, according to a notice from trustee Nordic Trustee ASA.
OBOS acquired BWG Homes in June.
The terms of the notes do not currently include any call right for the issuer.
If noteholders approve the proposal, the redemption date will be Oct. 1. The redemption price will be 107.7% of par for the notes due 2016 and 110.3% of par for the notes due 2018, in each case plus accrued interest.
The proposed redemption is part of OBOS’ goal to simplify its capital structure by having all bond financing at the parent level instead of at its subsidiaries.
Noteholders will vote separately on the proposal at a joint meeting at 7 a.m. ET on Sept. 12 in Oslo.
In order to approve the proposal for a series of notes, at least half of the notes of that series must be represented at the meeting, and at least two-thirds of the bonds represented must vote in favor of the proposal.
BWG Homes is a homebuilding company based in Oslo.
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