Oceanteam: Proposal to senior bondholders takes effect as of June 21

By Caroline Salls

Pittsburgh, June 21 – Oceanteam ASA said Wednesday that the effective date of its proposal to holders of the senior callable bond issue 2012/2017 was June 21, according to a notice from bond trustee Nordic Trustee ASA.

The record date for allocation of payment-in-kind bonds will be June 23.

The allocation of PIK bonds to holders of the senior bond issue and coupon claims as settlement of interest accrued to the effective date will take place on June 27.

Nordic Trustee said the next interest payment date will be July 24.

The face value of the senior bonds will be changed to $1 to facilitate allocation of the PIK bonds. A total of 6.82 million PIK bonds will be issued.

The trustee said the last day of trading of the senior bonds and coupon claims will be June 21 to facilitate the completion of a standard settlement before the record date.

The coupon claims cover interest for the periods of July 25, 2016 up to but excluding Oct. 24, 2016; Oct. 24, 2016 up to but excluding Jan. 24; and Jan. 24 up to but excluding April 24.

Senior bondholders will receive a total of 1.15 million PIK bonds, corresponding to an interest rate of 12.40317% for 58 of 360 days.

Holders of October 2016 coupon claims will receive a total of 1.95 million PIK bonds, corresponding to an interest rate of 13.54234% for 90 of 360 days.

Holders of January coupon claims will receive a total of 1.91 million PIK bonds, corresponding to an interest rate of 13.30028% for 90 of 360 days.

Holders of April coupon claims will receive a total of 1.82 million PIK bonds, corresponding to an interest rate of 12.63813% for 90 of 360 days.

The interest rate will be amended to 7% from the effective date going forward, with 6% to be paid in the form of additional bonds.

Oceanteam consists of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions provides offshore solutions. The company is based in Bergen, Norway.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.