By Angela McDaniels
Tacoma, Wash., July 20 - Electromagnetic Geoservices ASA agreed to sell $20 million of floating-rate senior secured bonds to Fugro, according to a company news release.
The bonds will, unless previously redeemed or purchased, mature in three-and-a-half years.
The interest rate is Libor plus 800 basis points, and interest is payable quarterly.
ABG Sundal Collier Norge ASA and First Securities AS are the joint lead managers.
Settlement is expected to occur Wednesday.
The proceeds will be used in relation to the issuance of a performance guarantee, required under a contract with Petroleos Mexicanos SAB de CV, and for general corporate purposes.
The bonds will not be listed on an exchange.
Oslo-based Electromagnetic Geoservices uses its proprietary electromagnetic technology to help oil and gas companies find offshore hydrocarbons.
| Issuer: | Electromagnetic Geoservices ASA
|
| Issue: | Senior secured bonds
|
| Amount: | $20 million
|
| Maturity: | January 2014
|
| Lead managers: | ABG Sundal Collier Norge ASA and First Securities AS
|
| Coupon: | Three-month Libor plus 800 bps, payable quarterly
|
| Price: | Par
|
| Yield: | Three-month Libor plus 800 bps
|
| Callable: | Yes
|
| Settlement date: | July 21
|
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