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WaterCircles says holders of 10˝% bonds have change-of-control put
New York, Aug. 26 – WaterCircles Skandinavia AS’ bond trustee said that holders of its 10˝% callable bond issue 2015/2017 can exercise the change-of-control put option.
Nordic Trustee ASA said that a change-of-control event has occurred because Summer Sea AS, a company established by WaterCircles’ management, has acquired “decisive influence” over the issuer.
As a result, holders can put the bonds at 101% of par plus accrued interest until Oct. 25.
WaterCircles is a Lysaker, Norway, insurance company.
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