Secunda International to repay debt with IPO

By Ted A. Knutson

Washington, Sept. 28 - Secunda International Ltd. said it plans to use some of the proceeds from a newly announced $115 million initial public offering of common stock to repay debt.

The company's total long-term debt on June 30 was C$185.4 million, which included US$125 million in principal of senior secured notes, C$11.9 million under a revolving credit facility and C$20.3 million under the company's Bold Endurance credit facility.

As of June 30, borrowings under the company's senior secured credit facility had an interest rate of 8.10% and mature in 2012.

UBS Investment Bank is the bookrunner for the IPO. Joint lead managers are Bear, Stearns & Co. Inc., RBC Capital Markets and Fortis Securities.

The company said it intends to list common shares for quotation on the Nasdaq National Market under the symbol "SMSL."

The Dartmouth, Nova Scotia, shipping company made the announcement in an F-1 filling with the Securities and Exchange Commission.

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