Open Infra US Assets AB initiates written procedure for bonds
Open Infra US Assets AB (publ) has initiated a written procedure regarding its outstanding bonds with ISIN NO0013140640, requesting bondholders to vote on proposed changes.
Open Infra US Assets AB (publ) has instructed the agent for its outstanding USD 50,000,000 senior secured bonds to initiate a written procedure. The procedure concerns the company's bonds with ISIN NO0013140640, which have a total framework of USD 150,000,000.
The purpose of the written procedure is to request bondholders to vote in favor of waiving a potential Maintenance Breach and approving certain amendments and waivers to the terms and conditions of the bonds. These actions are typically undertaken to address covenant issues or provide financial flexibility.
This development suggests that Open Infra US Assets AB may be facing challenges in meeting certain covenants associated with its debt. The proposed changes aim to prevent a technical default and allow the company to continue its operations under revised terms.
Bondholders will have a specified period to cast their votes on the proposed resolutions. The outcome of this procedure will be significant for the future standing of the bonds and the company's financial obligations.