SeaBird redeems floaters due 2009, 2012 after restructuring on Monday

By Susanna Moon

Chicago, Dec. 19 - SeaBird Exploration plc said it will finalize restructuring for its floating-rate notes due 2009 and callable floating-rate notes due 2012 on Dec. 19.

The company will redeem the floaters due 2009 at 104 in cash, or for a total cash redemption price of NOK 87,392,262.94 including accrued interest. The payment in kind is 10,046,881 exchange bonds.

The redemption for the floaters due 2009 was based on NOK 78.75 million principal amount outstanding, after deducting NOK 3 million that the issuer owns.

For the floaters due 2012, the total redemption price is NOK 131,463,098.20 including accrued interest. The payment in kind is 48,117,131 exchange bonds.

The redemption for the floaters due 20012 was based on NOK 402,022,200 principal amount.

Restructuring background

SeaBird previously said it received votes from nearly all, or 98.4%, of holders at a meeting to amend its callable floaters due 2012 and from all of its holders to amend the floaters due 2009.

The company said on Nov. 25 that it called for a joint bondholders' meeting to propose amendments to its SBX01 RET and SBX02 RET bond loan agreements in connection with a Nov. 18 agreement for a financial restructuring and industrial partnership.

Seabird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.

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