By Devika Patel
Knoxville, Tenn., April 22 - Sevan Marine ASA said it sold a $12 million 15% four-year senior secured callable convertible bond.
The bond is convertible into shares at the Norwegian krone equivalent of $1.0454 on the conversion date.
Interest payments may be paid through additional bonds or in cash, at the company's election.
The bond may be called at 115% of parity value plus accrued interest or at 140% of par value plus accrued interest on the redeemed amount.
Norsk Tilitsmann ASA is the trustee.
Proceeds will be used for general corporate purposes.
Sevan Marine is an Arendal, Norway-based engineering company active within the oil and gas industry.
| Issuer: | Sevan Marine ASA
|
| Issue: | Senior secured callable convertible bond
|
| Amount: | $12 million
|
| Maturity: | Four years
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | $1.0454 (in NOK)
|
| Call option: | At 115% of parity value plus accrued interest or at 140% of par value plus accrued interest on the redeemed amount
|
| Trustee: | Norsk Tilitsmann ASA
|
| Pricing date: | April 17
|
| Settlement date: | April 21
|
| Stock symbol: | Oslo: SEVAN
|
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