By SeafoodSource staff
Published on 04 July, 2013
Due to the potential sale of EWOS, Cermaq is offering its bondholders early redemption on its outstanding bond loan.
A potential sale of EWOS “constitutes a significant change to the business of Cermaq,” the company said in a statement.
A proposal has already been approved by a necessary majority, through pre-acceptances from bondholders representing more than two-thirds of the bonds.
The EWOS transaction and the sale of the entities and operations related to EWOS will also imply sale of material subsidies and be a significant change to the business of the Cermaq group. A sale thereof will therefore affect several provisions of the bond agreement, the company said. As a result Cermaq is offering bondholders the opportunity to redeem the bonds in a full at 102 percent of par value, plus accrued unpaid interests.
The early redemption price is 1 percent above the change of control put option price stated in the bond agreement.
Bondholders will meet 22 July to vote on the proposal.