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Electromagnetic Geoservices details offer for up to $5 million convertible bonds due 2023
By Mary-Katherine Stinson
Lexington, Ky., Dec. 14 – Electromagnetic Geoservices ASA detailed its offer to repurchase up to $5 million of its $24,501,100 outstanding convertible bonds due 2023 (ISIN: NO0010821010), according to a notice with an attached buyback offer document.
The buyback period will begin at 3 a.m. ET on Dec. 15 and end at 10 a.m. ET on Dec. 22.
Bondholders may offer to sell some or all their bonds to the issuer during this period.
Bonds may be withdrawn at any point prior to the end of the buyback period.
As previously reported, under this offer the company plans to buy the bonds at 86.5% of par plus accrued interest.
The final amount of bonds to be repurchased will be determined by the issuer, corresponding to approximately 20.4% of the outstanding bonds as of Dec. 14.
If the maximum is exceeded, the bonds may be subject to proration.
Results will be announced on or about Dec. 23 with settlement expected on Dec. 27.
To participate in the offer bondholders must complete and send a bondholder offer form to Peder.Austarheim@sb1markets.no before the buyback period expires.
Settlement will be in U.S. dollars, but bondholders who wish to receive settlement in Norwegian krone may indicate it on the offer form.
The offer follows voluntary buybacks completed in July and December of 2021 under each of which the issuer bought back $4 million of convertibles.
Based on preliminary discussions, only one of the largest bondholders has indicated its interest to participate in this third offer, the company said in a previous Dec. 12 press release.
The Trondheim, Norway-based marine electromagnetic company supports offshore oil and gas companies.
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