By Marisa Wong
Madison, Wis., Sept. 14 - Swiber Holdings Ltd. said it priced S$80 million of 9¾% senior perpetual securities.
Australian and New Zealand Banking Group Ltd. and DBS Bank Ltd. are the joint lead managers and bookrunners for the securities, which are expected to be issued on Sept. 25.
The securities will be callable beginning three years from the issue date.
Holders of the securities will receive distributions at a rate of 9¾% per year from the issue date up to the first call date. After that, the rate will be reset every three years to the swap offer rate plus an initial spread of 903.5 basis points plus a step-up margin of 300 bps. Distributions will be payable semiannually.
Proceeds will be used for general funding purposes, including the acquisition of certain existing vessels under leasing arrangements.
Swiber is a Singapore-based offshore oil and gas company.
| Issuer: | Swiber Holdings Ltd.
|
| Issue: | Senior perpetual securities
|
| Amount: | S$80 million
|
| Maturity: | Perpetual
|
| Distributions: | 9¾% per year from issue date up to first call date; after that, rate will be reset every three years to swap offer rate plus an initial spread of 903.5 bps plus step-up margin of 300 bps; payable semiannually
|
| Bookrunners: | Australia and New Zealand Banking Group Ltd., DBS Bank Ltd.
|
| Coupon: | 9¾%
|
| Call option: | Beginning Sept. 25, 2015
|
| Pricing date: | Sept. 14
|
| Settlement date: | Sept. 25
|
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