Electromagnetic Geoservices offers to buy $4 million convertibles

By Wendy Van Sickle

Columbus, Ohio, Dec. 16 – Electromagnetic Geoservices ASA is offering to repurchase up to $4 million, or 14.03%, of its $32.5 million convertible bonds due 2023, according to a notice.

The buyback period will end at noon ET on Dec. 22, unless extended to no later than Dec. 31.

The company is offering 75% of par plus accrued interest for the convertibles.

Tenders may be withdrawn at any time prior to the expiry of the offer, which is not subject to any minimum participation condition.

Submission of bondholder offer forms are to be sent to Peder.Austarheim@sb1markets.no.

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

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

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