Norway’s Ocean Yield to host meetings to avoid change of control

Chicago, Sept. 22 – Ocean Yield ASA has summoned bondholders to meetings for each of three bond issues, according to a press release.

The meetings relate to the senior bonds maturing in 2023 (ISIN: NO0010823214) and 2024 (ISIN: NO0010869720) and its perpetual hybrid callable bond issue (ISIN: NO0010861594).

The noteholder meetings relate to an offer for all the shares of Ocean Yield by Octopus Bidco AS, a newly formed company indirectly wholly owned by funds advised by Kohlberg Kravis Roberts & Co. LP and its affiliates.

Arctic Securities AS (octopus.dcm@arctic.com) and DNB Markets, a part of DNB Bank ASA (bond.syndicate@dnb.no), have been appointed as financial advisers.

The meetings are being held to amend the bond terms so that there will be no change-of-control triggering event as a result of the acquisition.

A 0.5% consent fee will be paid to bondholders who approve the proposal, if the company has a required majority vote for the amendment and the acquisition is completed. At least two-thirds of the bondholders must be represented at the meeting for a quorum.

The acquisition has to take place by March 15, 2022.

Bondholders may appoint Nordic Trustee AS to vote on their behalf as a proxy.

The meeting will be held at 6 a.m. ET on Oct. 5.

Ocean Yield is a Lysaker, Norway, owner of ships in the oil service and industrial shipping sectors.

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