Result of Exchange Offer and Amendment to SIOFF02

The offer period under the exchange offer launched on 23 April 2018, whereby holders of bonds in FRN Siem Offshore Inc. Senior Unsecured Bond Issue 2013/2018 - ISIN NO 001 067044.1 - ("SIOFF01") were offered to exchange their bonds for bonds in NOK 700,000,000 FRN Siem Offshore Inc. Senior Unsecured Bond Issue 2014/2019) - ISIN NO 001 0708670 ("SIOFF02"), has now closed. The offer was accepted for a total nominal value of NOK 261 million in SIOFF01. This figure is preliminary and could be subject to adjustments. Based on the terms of the exchange, a total nominal value of NOK 208.8 million will be issued upon completion of the offer. Settlement of the offer is expected to take place on or about 4 May 2018.

The changes in SIOFF02 approved at the bondholders' meeting in SIOFF02 on 19 March 2018 will become effective on 4 May 2018. SIOFF02 will continue with the same ISIN. SIOFF02 will have an aggregate par value of NOK 560 million (exclusive of the bonds issued under the exchange offer) and NOK 768.8 million (inclusive of the bonds issued under the exchange offer, and subject to any adjustment in the result of the offer) and will be convertible into common shares in the capital of Siem Offshore Inc. at an initial conversion price of NOK 3.00, subject to the amended and restated bond agreement which will come into effect on 4 May 2018.

Published 30-04-2018 in the Investor category
Back