Norway's Ocean Yield has now persuaded all its bondholders not to contest a takeover by US private equity firm Kohlberg Kravis Roberts (KKR).

Earlier in October, the Kjell Inge Rokke-controlled sale-and-leaseback specialist convinced holders of two issues worth NOK 1.5bn ($179m) to confirm that neither the NOK 7.2bn transaction nor the subsequent delisting in Oslo would trigger a change of control event for the bonds.

The company had offered a fee of 0.5% of the outstanding amount for a "yes" vote, but failed to bring holders of the $125m perpetual issue on board.

Ocean Yield then went back to these investors with new proposals.

The consent fee was raised to 1% and a new interest coupon of 6.75% was offered, against 6.5% previously.

A total of 72.6% of bondholders have now voted in favour of the amendments.

Norwegian investment bank Fearnley Securities said this bond now offers the best risk-reward, with stronger protection for holders and an attractive coupon.

KKR opened its takeover offer on 6 October.

The private equity giant has said it wants to take Ocean Yield private.

The offer period ends on 5 November.

The shares have traded flat at NOK 41 in line with the offer price since the announcement in September.

A KKR unit called Octopus Bidco has reached a deal with major shareholder Rokke's Aker Capital to buy the company.

A source familiar with KKR told TradeWinds that the group became involved as a result of a strategic review by Rokke's Aker group of its ownership interest.