Siem Industries adjusts exchange price for 2.25% exchangeable bonds

By Angela McDaniels

Tacoma, Wash., May 2 – Siem Industries Inc. said it changed the exchange price of its €250 million 2.25% senior secured exchangeable bonds due 2021 to €9.3053.

The bonds are exchangeable into shares of Subsea 7 SA.

The change will become effective Friday and follows the recent announcement of a NOK 1.50 dividend payable by Subsea 7 on or about Friday.

Siem Industries is a George Town, Cayman Islands-based industrial holding company with interests in oil and gas, renewable energy, shipping, mining and finance.

Subsea 7 is a London-based contractor that provides seabed-to-surface engineering, construction and services to the offshore energy industry.

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