Havyard Group ASA: Summons to bondholder meeting
Fosnavåg, 16.06.2016
Havyard Group ASA (HYARD or Company) summons today to
bondholders meeting for its bond «Havyard Group ASA
14/17 FRN», ISIN NO0010713274 (HYARD01 PRO).
The purpose with the bondholders meeting are changes
in the bond agreement, including an extension of the
bond tenor with 18 months from originally June 2017 to
December 2018. An extension is expected to have a
positive effect on the company's financial and
operational position, among other things through
better opportunity to achieve construction financing.
Bondholders meeting will be held 30th of June 2016.
The main points in the proposal for changes in bond
agreement, which otherwise are described in the
attached summons to bondholders meeting, are as follow:
- Extended tenor of the loan until 13 December
2018, with instalment structure from original maturity
- The interest rate margin on the bonds shall be
increased from 5.50% to 7.0%.
- Introduced dividends restrictions on the
company shares during the tenor of the loan;
- Some easing on company covenants, including
adjustment on demands to book equity and working
capital.
- Bondholders can convert up to NOK 18.6
millions of the loan to 2 252 830 new shares to a
fixed rate of NOK 8.25 per share. There are made
guarantee agreements with some bondholders that
secures that the given conversion limit will be fully
utilized.
-
The company has through discussions with a number of
bondholders received support for the proposed change
in bond agreement from more than 2/3 of its
bondholders.
The company have engaged Fearley Securities AS as
financial advisor in connection with the proposal.
Contacts;
Havyard Group ASA:
Pål Aurvåg CFO
Tel: +47 950 05 004
E-mail: pal.aurvag@havyard.com
Fearnley Securities AS:
Per Lauvvang, Director
Tel: +47 951 110 51
E-mail: p.lauvvang@fearnleys.no
This information is subject of the disclosure
requirements pursuant to section 5-12 of the Norwegian
Securities Trading