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EliotS
19.09.2019 kl 15:12 4590

Nu har jeg tjekket i det oprindelig prospekt for NAS07

"LISTING PROSPECTUS, EUR 125,000,000 Senior Unsecured Fixed Rate Bonds Due 11 December 2019 - The denomination of each bond is EUR 100,000, 21 December 2015"

og kan jeg finde følgende "change of control" afsnit:

"The Issuer may not be able to finance the repurchase of Bonds following a Change of Control Event or De-Listing Event -

Upon a Change of Control Event or De-Listing Event, the holders of Bonds are entitled to demand repurchase of the Bonds at a price per Bond equal to 101.0 per cent of its nominal amount plus accrued interest to the date of such repurchase. The source for any repurchase required as a result of any such event will be available cash or cash generated from operating activities or other sources, including borrowings, sales of assets, sales of equity or funds provided by subsidiaries of the Issuer. If a Change of Control Event or De-Listing Event occurs, there can be no assurance that the Issuer will have or will be able to generate sufficient funds to repurchase the Bonds that have been requested to be repurchased.".

Change of control event er også defineret i låne-dokumentet på følgende måde: "Means if any person or group (as such term is defined in the Norwegian Limited Liability Companies Act § 1-3), in aggregate becomes the owner of 50.00% or more of the outstanding shares and/or voting capital of the Issuer".

Change of control event er også beskrevt i forhold til Put Option - "Upon a Change of Control Event, De-Listing Event or a Material Disposal Event occuring, each Bondholder shall have a right of prepayment (Put Option) of the Bonds at a price of 101.0 per cent of par value (plus accrued interest) during a period of 60 days following the notice to the Trustee of a Change of Control Event , De-Listing Event or a Material Disposal Event. Please see Annex A, clause 10.2."

I "Annex A - 10 Maturity of the Bonds and Redemption" er den mest udførlige beskrivelse:

"10.2 Change of control, de-listing and certain disposals

10.2.1 Upon the occurrence of a Change of Control Event, a De-Listing Event or a Material Disposal Event, each Bondholder shall have the right to require that the Issuer redeems its Bonds (a "Put Option") at a price of 101 % of par plus accrued interest.

10.2.2 The Put Option must be exercised within 60 days after the Issuer has given notification to the Bond Trustee of a Change of Control Event, a De- Listing Event or a Material Disposal Event. Such notification shall be given as soon as possible after a Change of Control Event, a De-Listing Event or a Material Disposal Event has taken place.

10.2.3 The Put Option may be exercised by each Bondholder by giving written notice of the request to its Account Manager. The Account Manager shall notify the Paying Agent of the redemption request. The settlement date of the Put Option shall be the third Business Day after the end of the 60 days exercise period of the Put Option.

10.2.4 On the settlement date of the Put Option, the Issuer shall pay to each of the Bondholders holding Bonds to be redeemed, the principal amount of each such Bond (including any premium pursuant to Clause 10.2.1) and any unpaid interest accrued up to (but not including) the settlement date."

Så det var korrekt at der var en "Change of control" paragraf MEN jeg syntes umiddelbart det virker mere attrativt at forblive i obligationen end at udløse denne paragraf, hvis bond-holder er en vanlig fond som investere i obligationer.
Redigert 21.01.2021 kl 07:29

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