Marine Harvest plans €340 million five-year convertibles to yield 0.125%-0.875%, up 30%-35%

By Rebecca Melvin

New York, Oct. 29 – Marine Harvest ASA plans to price €340 million of five-year convertible senior bonds at par and with a coupon of 0.175% to 0.875% and an initial conversion premium of 30% to 35% over the volume-weighted average price of the company’s Oslo-listed shares between launch and pricing, according to a release.

Marine Harvest can withdraw the bond offer if the VWAP of its shares on the Oslo Stock exchange falls below €11.73, or by more than 5.5% in the period between launch and pricing.

The bonds are non-callable for three years and then provisionally callable if the stock price exceeds 130% of the conversion price for a specified period.

Proceeds will be used for refinancing certain debt and extending the company’s debt maturity profile.

ABG Sundal Collier and Credit Suisse Group AG are acting as joint bookrunners for the Regulation S offering.

Marine Harvest is an Oslo, Norway-based seafood and salmon-farming company.

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