Tveten Park seeks OK for NOK 30 million tap issue of floaters due 2020

By Susanna Moon

Chicago, Feb. 23 – Tveten Park AS is asking for holding approval for a NOK 30 million tap issue of its NOK 350 million outstanding senior secured floating-rate notes due April 27, 2020.

The group expects to invest NOK 30 million in tenant improvements in order to meet its obligations under new firm lease agreements, according to a notice by Nordic Trustee AS.

Bondholders representing more than two-thirds of the voting bonds have agreed to support the proposal.

The issuer is asking holders to approve the tap issue at par as well as consent to reduce the required LTV ratio under the financial undertakings clause to 75% from 80%.

The one-time amendment fee will be 0.25%, which will be paid to bondholders on a pro rata basis within 10 business days following the bondholders meeting.

The bondholders meeting has been scheduled for March 9 in Norway.

To form a quorum, at least half of the voting bonds must be represented at the meeting. For the measure to pass, holders of more than two-thirds of the bonds represented at the meeting must vote in favor of it.

Interest on the notes is Nibor plus 325 basis points, and the floaters were issued in 2017.

Tveten Park AG is a company based in Norway that engages in the operation and development of Tveten Park.

© 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.