Solveig Gas Norway AS Issue of STID Proposal (3426M)
September 13 2019 - 10:58AM
UK Regulatory
TIDM37XN
RNS Number : 3426M
Solveig Gas Norway AS
13 September 2019
Solveig Gas Norway AS
13 September 2019
NOK 1,000,000,000 5.32 per cent amortising bonds due 2027 (the
"Bonds")
ISIN: NO 0010649221
Common Code: 079261220
Headline: Solveig requests approval of amendments to finance
documents
Solveig Gas Norway AS ("Solveig") has today issued a proposal (a
"STID Proposal") pursuant to its security trust and intercreditor
deed dated 23 June 2011.
The STID Proposal requests approval from the requisite majority
of Solveig's bank lenders, bondholders and private placement
noteholders (voting as a combined group) to make certain amendments
to its common terms agreement dated 23 June 2011 and its master
definitions agreement dated 23 June 2011 to:
(i) allow Solveig the flexibility to acquire ownership interests
in a broader range of oil and gas infrastructure assets and
exploration and production licences on the Norwegian continental
shelf;
(ii) remove a trigger event which would otherwise cause a block
on making Restricted Payments in the event of a downgrade to the
rating of the Bonds;
(iii) remove requirements that require Solveig to deliver, on
the incurrence of additional Financial Indebtedness, a confirmation
from a rating agency that such incurrence will not cause a
downgrade to the then current rating of the rated debt;
(iv) remove any obligation on Solveig to obtain or maintain a
listing of the Bonds or the admission of the Bonds to trading on
any stock exchange or securities market; and
(v) lower the minimum and maximum hedging requirements in
respect of interest rate risk and remove the requirement to hedge
currency risk;
in each case, together with certain technical amendments in
relation thereto.
For further details please contact CEO Trygve Pederson, Tel +47
900 97741 or CFO Alan McIntyre, Tel +47 907 92072.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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