Hilleren holders allow extension, interest deferral under 14% notes

By Susanna Moon

Chicago, Dec. 3 – Hilleren Tomteselskap AS obtained holder approval to extend its 14% senior secured bond issue 2016/2017 until April 12, 2019 and to postpone all interest payments until maturity.

At the meeting held Monday, there were enough holders to form a quorum, and the proposal passed unanimously, according to a notice by bond trustee Nordic Trustee AS.

“Following the bond issues, the issuer has spent all proceeds from the bond issues and is unable to repay the bonds on their maturity date,” according to a previous notice by Nordic Trustee.

In return, the issuer will pay an additional interest of 5% per year for the period from Nov. 15 until maturity.

For information, contact the trustee at +47 22 87 94 45 or slagsvold@nordictrustee.com.

As announced Sept. 12, the company obtained holder approval for a temporary waiver for its 12% senior secured callable bond issue 2016/2017 and 20% junior secured callable bond issue 2016/2017.

Hilleren Tomteselskap is a Bergen, Norway, development and real estate company.

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