OSX3 gets OK to extend 35% callable bonds by one year, go private

By Susanna Moon

Chicago, Nov. 1 – OSX3 Cayman Ltd. obtained holder approval to amend its 35% callable bonds due Oct. 27, 2018 at a meeting held Wednesday.

There were enough holders to form a quorum, and the proposal was passed by 100% of the votes cast, according to a notice by Nordic Trustee AS.

As announced Oct. 17, the issuer was asking holders to extend the maturity of the bonds by 12 months and to privatize the bonds so that no information regarding the bonds or the issuer can be made publicly available.

The amendments would include a way to ask for changes by written resolution.

To form a quorum, at least half of the bonds had to be represented at the meeting. To pass, the measures required at least two-thirds of the bonds represented.

The bonds were issued Oct. 25, 2016.

Proceeds were lent to OSX3 Leasing BV, a s-Gravenhage, Netherlands-based company that engages in engineering, construction, installation and commissioning floating production storage and offloading units to offshore petroleum exploration and production companies. The company operates as a subsidiary of OSX Brasil SA.

“While OSX3 has been able to build up cash reserves from the ongoing charter payments it receives from Dommo Energia SA for the charter of the vessel, it is currently not in a position to repay the on-loan to the issuer as it is currently exploring potential options for the sale or re-charter of the vessel, which may require certain expenditure in the short term,” the release said.

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