Sevan Marine announces equity and cash distributions for bondholders

By Caroline Salls

Pittsburgh, Dec. 8 - Sevan Marine ASA has issued 5.26 million unsecured equity shares to unsecured bondholders and holders of a coupon due June 22 under an unsecured bond conversion, according to a news release.

Specifically, the company issued 3,507.70 shares per NOK 500,000 of unsecured bonds and 250.585 shares per NOK 35,000 of coupon claims, which represents overdue interest on one unsecured bond.

In addition, allocation rights in a stockholder placement have been issued to the unsecured bondholders and coupon claimants, including 3,506.205 of allocation rights per NOK 500,000 of unsecured bonds and 250.479 of allocation rights per NOK 35,000 of coupon claims.

Sevan Marine also distributed 14 SV Unsecured Ltd. shares per NOK 500,000 of unsecured bonds and one SV Unsecured share per NOK 35,000 of coupon claims.

The unsecured bondholders and June 22 coupon claimants also received NOK 65.51 million in cash and NOK 4.75 million in cash respectively. This represents 9.50118% of the bond claim and 9.69 644% of the coupon claim.

Sevan Marine said the bondholders will receive a $3.66 million payment from Voyageur bonds when those bondholders get their recovery in 2012, and the coupon claimants will receive $261,636.

Other payments and distributions made by the company include the following:

• A total $155.69 million payment was made to Piranema bondholders, including $153.1 million paid to bondholders in full payment of their bond claim and $2.59 million for a Nov. 14 coupon payment claim.

The bond payment was equal to 67.29874% of the outstanding amount, and the coupon payment was equal to 65.79633% of that claim;

• A total NOK 515.95 million payment was made to holders of NOK Hummingbird bonds and Aug. 10 coupon claimants.

Specifically, NOK 484.17 million was paid to the NOK Hummingbird bondholders, representing 77.46667% of their claim, and NOK 31.78 million to the coupon claimants, equal to 76.74947% of their claim;

• A total of $80.32 million was paid to U.S. Dollar Hummingbird bondholders and Aug. 10 coupon claimants, including $75.81 million paid to the noteholders and $4.51 million to the coupon claimants.

The bondholder payment is equal to 75.80895% of the claim, and the coupon payment is equal to 75.10459%; and

• The Voyageur bondholders will be paid the NOK equivalent of $83.32 million when they receive their recovery in 2012, holders of July 25 Voyageur bond coupon claims will receive the NOK equivalent of $2.69 million, and holders of Oct. 24 Voyageur bond coupon claims will receive the NOK equivalent of $2.66 million.

Sevan Marine is an offshore drilling company based in Arendal, Norway.

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