Euronav holders tender $125 million convertibles for swap; tally upped

By Susanna Moon

Chicago, Feb. 15 - Euronav NV said investors had tendered $125 million of its outstanding 6.5% convertible bonds due January 2015 in exchange for new 6.5% convertible bonds due in January 2018.

As a result, the company will issue 1,250 new convertibles on Feb. 20, according to a company press release.

The company had previously tallied the convertibles tender amount at $124 million on Feb. 6.

The exchange offer ended at 11 a.m. ET on Feb. 5. It began on Jan. 31.

At the time, the company said the amount tendered for exchange represented a total of 1,240 new convertibles to be issued, or more than 82% of the outstanding nominal amount.

As noted before, the conversion price will be €5.65. At the time of the early voluntary conversion an additional number of shares will be made available at the same price as the conversion price to compensate for the unpaid coupons of the first four years, according to a previous press release.

The company previously said it sought to extend the medium-term debt repayment by extending the maturity date by three years in return for a more attractive conversion price.

The information and exchange agent was BNP Paribas Securities Services, Luxembourg Branch (+352 2696 62301 or LU_BP2S_OFFER@bnpparibas.com).

The company will list the new convertibles on the Luxembourg Stock Exchange.

Euronav is an Antwerp, Belgium-based integrated owner operator and manager providing shipping services in addition to its fleet of large tankers.

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