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World Wide Supply purchaser gets acceptances on all of company shares
By Caroline Salls
Pittsburgh, Dec. 22 – World Wide Supply AS share purchaser entity WWS Recovery AS has received acceptances for a total of 152.04 million shares, representing 100% of the issued shares and votes in the company.
According to a news release, the price payable by WWS Recovery per share is $0.01151.
The settlement date is expected to be Dec. 28.
As previously reported, World Wide Supply’s 7¾% senior secured callable bondholders announced last week that they were prepared to make a share acquisition offer to the company as an alternative to enforcement of bond defaults that would likely lead to insolvency proceedings.
Specifically, holders of 65.7% of the outstanding principal amount of the bonds propose that NT Refectio XIV AS wholly owned subsidiary WWS Recovery AS offer to acquire a minimum of 51% of World Wide Supply’s outstanding shares.
NT Refectio is a company set up by the bond trustee through Stiftelsen NTM Refectio to secure recovery for the bondholders.
Bond trustee Nordic Trustee ASA said last week that additional funding will be required for the transaction. The funding structure will include the issuance by WWS Recovery of up to $5 million of five-year liquidity bonds through a first tranche, with an option to issue up to $20 million of the bonds through one or more tap issues.
Interest on the liquidity bonds will be 18%, which can be paid in kind at WWS Recovery’s option.
The minimum subscription amount for the liquidity bonds would be $200,000. The bonds will be sold at par, with a Dec. 21 settlement date.
DNB Bank ASA is the paying agent.
World Wide Supply, based in Ulsteinvik, Norway, is an offshore service vessel company providing high quality offshore shipping services for the global petroleum industry.
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