Transcript li NORSK TILLITSMANN ASA

li NORSK TILLITSMANN ASA
www. f f us te e.n o
Denne melding til obligasjonseieme er kun utarbeidet på engelsk. For informasjon vennligst kontakt Norsk Tillitsmann A SA
To the bondholders in:
ISIN: NO 001 035418.6 (NOK) - FRN Primorsk International Shipping Limited
Unsecured Open Callable Bond Issue 2007/2011
ISIN: NO 001 035420.2 (USD)
- FRN Primorsk International Shipping Limited
Unsecured Open Callable Bond Issue 2007/2011
Oslo, 19 November 2010
Primorsk International Shipping Limited - Information to Bondholders
Please see the attached information update to Bondholders that the Borrower has provided.
M AILING ADDRESS
phone
+ 47 22 87 94 00
fax
P .O .B O X I 4 7 O V IK A , N - O I l6 O SLO
vA7 22 87 94 10
org. nr
LO C AT IO N
O
H A A K O N V I I G A TE I , O S L O , N O R W A Y
no 963 3 4 2 624 MVA
e-mail
ma il @t r us t e e. no
PRIMORSK INTERNATIONAL SHIPPING LIMITED
Kermia House, 4 Diagoras Street, 6th Floor
Office 601-602, PO Box 21574, 1510 Nicosia, Cyprus
Denne melding til obligasjonseieme er kun utarbeidet på engelsk. For informasjon vennligst kontakt Norsk Tillitsmann ASA
To the bondholders in:
ISIN: NO 001 035418.6 (NOK) - FRN Primorsk International Shipping Limited
Unsecured Open Callable Bond Issue 2007/2011
ISIN: NO 001 035420.2 (USD)
-FRN Primorsk International Shipping Limited
Unsecured Open Callable Bond Issue 2007/2011
Oslo, 18 November 2010
Information update II - Primorsk International Shipping Limited
Norsk Tillitsmann ASA is appointed as Bond Trustee for the above mentioned bond issue with ISIN
N0001035418.6 (the “NOK Tranche”) and ISIN N0001035420.2 (the “ USD Tranche”) where
Primorsk International Shipping Limited is the Borrower (the “Borrower” or the “Company”).
Jointly the two tranches are referred to as the “Loan”. All capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned thereto in the agreement for the Loan (the
“Loan Agreement”).
Reference is made to the information updated published on stamdata.no on 10 June 2010. The ongoing
senior secured bank debt restructuring (the “Bank Restructuring”) has taken significantly longer
time than expected and is still ongoing. The involved syndicate banks are targeting a final Bank
Restructuring proposal by mid December 2010 and implementation of such proposal in January 2011.
The Bank Restructuring will be contingent on an acceptable restructuring o f the Loan.
End September 2010, the Company provided the Bond Trustee with an operational and financial
update, and informed that it intends to call for a bondholders’ meeting mid December or early January,
coherent with the final Bank Restructuring proposal reaching an agreed form. The Company has
further informed the Bond Trustee that it intends to ask for an extended maturity date to match the
restructured bank debt and will, as compensation, among others, offer the Bondholders an increased
coupon margin. Further details will be disclosed in the summons to bondholders’ meeting.
For any additional questions or information requests, please contact Nicolay Friis at ABC Sundal
Collier Norge ASA (tel.: +47 2201 6145 or e-mail: [email protected]).