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Solveig Gas Norway (37XN)

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Friday 13 September, 2019

Solveig Gas Norway

Issue of STID Proposal

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.


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