Secunda executes supplemental indenture for $125 million floating-rate notes

By Jennifer Chiou

New York, Aug. 25 - Secunda International Ltd. said it executed a supplemental indenture after receiving tenders for all $125 million of its senior secured floating-rate notes due 2012 at the early deadline of 5 p.m. ET on Aug. 25, a response unchanged from July 12.

The offer expires at 5 p.m. ET on Sept. 12. The expiration date, originally set for July 28, had previously been extended to Aug. 11.

The company will pay $1,045.00, plus accrued interest, per $1,000 principal amount of notes, including a $30.00 consent payment.

The consents allow the company to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

The tender began on June 26.

On July 14, the company set the offer price at $1,043.58, including the $30.00 consent payment. That price was based on a tender offer yield of 5.658% - 50 basis points more than the comparable U.S. Treasury.

The offer is subject to some conditions, including the receipt of tenders from holders of a majority of the notes, a new credit facility or other financing that provides sufficient cash to fund the tender offer and consent solicitation and the successful pricing of the initial public offering of the company's common shares in Canada.

Banc of America Securities LLC is the dealer manager and solicitation agent (call High Yield Special Products collect at 212 847-5836 or 888 292-0070). D.F. King and Co., Inc. is the information agent (call collect 212 269-5550 or 800 758-5378).

Secunda is a Dartmouth, Nova Scotia, offshore oil services company.

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