Name Symbol Market Type
Solveig Gas 27 LSE:37XN London Medium Term Loan
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.0% 0.00 0.00 0.00 0.00 0.00 0.00 0 -

Solveig Gas Norway AS Issue of STID Proposal

13/09/2019 3:58pm

UK Regulatory (RNS & others)


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 
  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 or visit



(END) Dow Jones Newswires

September 13, 2019 10:58 ET (14:58 GMT)

1 Year Solveig Gas 27 Chart

1 Year Solveig Gas 27 Chart

1 Month Solveig Gas 27 Chart

1 Month Solveig Gas 27 Chart
Your Recent History
Solveig Ga..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20191023 12:32:11