FRN American Shipping Company ASA Senior Unsecured Callable PIK Bond Issue
2007/2012 (ISIN NO 001 035651.2) - Bondholders' consent
On October 5, American Shipping Company ASA, obtained the bondholders' consent to extend the maturity date of the loan from 28 February 2012 to 28 February 2018 and to, in the sole discretion of AMSC, make any of the interest payments until the maturity date in the form of additional bonds (Payment-in-Kind). The company and the bondholders further supported AMSC's amended proposal of reducing the equity requirement in Clause 13.2 of the Loan Agreement to USD 50 million.
Further, AMSC and Converto Capital Fund AS have agreed to make certain adjustments to Converto Capital Fund AS' unsecured loan to AMSC (with the original amount of USD 20 million), by aligning the maturity date with the bond loan and sharing any cash debt servicing pro rata with the bondholders.
American Shipping Company ASA has agreed to pay compensation to the bondholders of 0.10 percent flat of the outstanding amount under the Loan Agreement.