SeaBird seeks OK to amend NOK 89.8 million 6% bonds due 2015

By Susanna Moon

Chicago, Aug. 20 – SeaBird Exploration plc is seeking bondholder approval to amend its NOK 89,851,041 of 6% senior secured bonds due 2015.

The company will hold a meeting to approve the amendments on Sept. 2 in Oslo, according to trustee Norsk Tillitsmann ASA.

Hawk Navigation Co. Ltd., a subsidiary, is leasing a vessel from Hawk Explorer AS.

Under the note terms, the company needs bondholder approval to extend the term of the bareboat charter for the vessel.

The notes were issued in 2011. They are guaranteed by the company’s subsidiaries Harrier Navigation Co. Ltd., Aquila Explorer Inc., Osprey Navigation Co. Inc. and Sana Navigation Co. Ltd.

There will be no compensation for consents.

In order for the measure to pass, bondholders representing a simple majority of the bonds represented at the meeting must vote for it. In order to form a quorum, at least half of the voting bonds must be represented at the meeting.

Bondholders representing more than half of the outstanding bonds have agreed to vote for the proposed amendments.

ABG Sundal Collier Norge ASA and RS Platou Markets AS are the financial advisers.

SeaBird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.

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