Songa buys back its outstanding 9% bonds

By Susanna Moon

Chicago, Oct. 26 - Songa Offshore ASA said it reached an agreement with the bondholders to repurchase its remaining 9% bonds due 2010.

The company said it would pay 109% of par plus accrued interest on Nov. 5. The redemption will be financed with an existing bank facility.

Songa said the buyback would create a more flexible debt structure for the company. The bond had dividend restrictions, according to a press release.

The bonds were issued in 2005.

Songa is an offshore drilling company based in Oslo.

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