| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for OXE Marine AB > News item |
OXE Marine begins written procedure to amend bonds for acquisition
Chicago, Jan. 28 – OXE Marine AB initiated a written procedure to amend and to waive certain terms regarding its SEK 200 million senior secured callable fixed-rate bonds (ISINs: SE0010831545, SE0010831594, NO0010815442), according to a press release on Friday.
The written procedure will prepare the company for the closing of the acquisition of Diesel Outboards’ and Outdoor Network Manufacturing’s U.S. distribution and manufacturing business.
The two Georgia corporations that are being purchased will be pledged to the bondholders’ security.
The company is asking to amend the bond terms so that the redemption date for the bonds will be postponed by 30 months to Feb. 15, 2025 from Aug. 15.
Additionally, the company wants to pay 2% of the quarterly interest in cash and the remaining interest would be quarterly compounded and added to the nominal amount of the bonds.
Also, OXE Marine is asking that its U.S. subsidiaries will be entitled to enter into a credit facility agreement of up to $5 million secured by collateral in the U.S. subsidiaries inventory.
The proposed waiver means that OXE will be allowed to create a secondary pledge over its business mortgages and over the shares in the U.S. subsidiaries in favor of the European Investment Bank.
The amendments will be subject to EIB agreeing to postpone the maturity date for its outstanding loans to OXE beyond the final redemption date of the bonds. Aside from this condition, the proposed amendments and waiver will become effective when the written procedure has concluded.
Scandinavian Credit Fund I AB (publ), as bondholder, has agreed to vote in favor of the proposal.
Intertrust (Sweden) AB is the agent.
Stockholm-based OXE Marine supplies outboard engines.
© 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.