Siem Offshore gets votes to redeem, convert two bond series

By Taylor Fox

New York, Feb. 5 – Siem Offshore Inc. obtained votes in favor of proposals at bondholder meetings for its senior bond issue 2013/2018 (ISIN: 0010670441) and senior convertible bond issue 2014/2023 (ISIN: 0010708670), according to a notice.

At the meetings on Friday, the proposal received 99.66% of the votes for the 2013/2018 issue and 100% of the votes for the 2014/2023 issue. The proposal was therefore adopted.

As previously reported, 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 restructuring process in the group.

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

In order to have a quorum at least half of the voting bonds needed to 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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