Siem Offshore calls meeting to redeem, convert two series

By Taylor Fox

New York, Jan. 22 – Siem Offshore Inc. requested Nordic Trustee AS to summon bondholder meetings for its senior unsecured bond issue 2013-2018 (ISIN: 0010670441) and senior unsecured convertible bond issue 2018/2023 (ISIN: 0010708670), according to a notice.

The meetings will be held in Oslo at 6 a.m. ET on Feb. 5.

The proposal is an offer from the issuer to the bondholders to redeem all the bonds, against a combination of cash payment and conversion of the bonds to shares in the issuer.

The proposal is part of a more comprehensive implementation of a solution to the restructuring process in the group.

Siem said in the notice it has obtained undertakings from key bondholders representing a substantial share of all bonds entitled to vote that they support the restructuring process of the group and that they will vote in favor of the proposal.

To approve the resolution, bondholders representing at least two-thirds of the voting bonds represented at the meeting must vote in favor of the resolution.

In order to have a quorum at least half of the voting bonds must be represented at the meeting.

Siem Offshore is a Kristiansand, Norway, provider of services to the offshore oil and gas industry.

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