Electromagnetic Geoservices plans partial buyback of convertibles due 2023

By Rebecca Melvin

Concord, N.H., July 7 – Electromagnetic Geoservices ASA announced that it intends to commence a partial buyback of its $32.5 million issue of convertible bonds due 2023.

The company plans to offer to buy back up to $4 million of the bonds.

The purchase will be 75% of par, which has been determined based on a fair market value assessment made by an independent third party, according to a company release.

Bondholders representing the majority of the bonds outstanding have indicated that they support the buyback, and the offer is expected to be launched as soon as possible, with completion expected by the end of July.

The company said it is undertaking the buyback as a means of improving its balance sheet and strengthening its financial position.

The Trondheim, Norway-based marine electromagnetic company supports offshore oil and gas companies.

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