Oceanteam to amend bid to convert bond issue 2012/2017 into shares

By Susanna Moon

Chicago, Oct. 24 – Oceanteam ASA plans to revise its notice of written resolution to amend its senior callable bond issue 2012/2017, according to a notice by bond trustee Nordic Trustee AS.

The company said on Oct. 19 that it was soliciting consents to redeem the remaining bonds through a share conversion.

The notice was withdrawn Wednesday, the release noted.

As announced Oct. 12, the trustee notified the noteholders that the company’s restructuring shares had received regulatory approval and would begin trading on Oslo Bors beginning Oct. 15.

The trustee previously noted that the effective date of an amendment agreement that calls for the conversion of bond loan debt for equity was April 24.

The trustee previously said holders of Oceanteam’s senior callable bond issue 2012/2017 would “as soon as possible” receive 509.14 million shares by way of set off of bonds with a face value of $61.63 million, as well as interest accrued as of Feb. 28.

Following the conversion, $5 million of the bonds would be outstanding.

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.