By Paul A. Harris
St. Louis, July 19 - Norway's Sevan Marine ASA has priced $200 million equivalent of five-year bonds in dollar- and krone-denominated tranches, according to a press release issued on Monday by the company.
The offshore drilling equipment and services company priced 12% dollar-denominated notes and 13¼% krone-denominated notes.
First Securities AS and Pareto Securities AS served as advisers for the issues, which were oversubscribed and were placed with Norwegian and international accounts, according to the press release.
Proceeds will be used to refinance $135 million of debt maturing and to acquire a 20% stake in the FPSO Sevan Hummingbird from Centrica Energy Upstream, thus becoming the 100% owner of the FPSO. Remaining proceeds will be used for general corporate purposes.
FPSO Sevan Hummingbird has been operating for Centrica Energy Upstream since September 2008 under a fixed 2.5-year contract with extension options for up to seven years.
| Issuer: | Sevan Marine ASA
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| Amount: | $200 million equivalent
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| Maturity: | Five years
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| Securities: | Bonds
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| Advisers: | First Securities AS and Pareto Securities AS
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| Settlement date: | July 16
|
|
|
| Dollar-denominated notes
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| Coupon: | 12%
|
|
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| Krone-denominated notes
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| Coupon: | 13¼%
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