Cyprus' Songa plans exchange offer for fixed-, floating-rate bonds

By Angela McDaniels

Tacoma, Wash., Jan. 27 - Songa Offshore SE plans to hold an exchange offer for its secured fixed-rate bonds due 2011 and its floating-rate bonds due 2012, according to a company news release.

Holders will be offered new seven-year senior notes in exchange for their existing bonds.

The company has launched an offering of $200 million principal amount of the new notes and will hold the exchange offer for the existing bonds after it completes the offering.

Proceeds from the offering will be used to repay existing debt and for general corporate purposes.

Songa provides offshore drilling services and is based in Limassol, Cyprus.

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