Bergen Group to price NOK 120 million of short-dated convertibles

By Rebecca Melvin

New York, Aug. 11 - Bergen Group ASA plans to sell NOK 120 million of convertible bonds, which after nine months can be converted into 10 million Bergen shares at a price of NOK 12 per share, according to a news release.

The bond loan of 10 months duration will be divided into three tranches of NOK 40 million each. The last tranche will close Sept. 20, the release stated.

Conversion can take place after nine months, or earlier if agreed with the issuer. The agreement will include an option for Bergen Group to repurchase bonds on Dec. 1 or March 1, 2011, or earlier if agreed with the bondholders.

Further term details were not immediately known.

Bergen said it entered into the agreement with Spring Capital Resources Inc.

The Bergen, Norway-based company is a maritime industrial group focused on offshore industry and specialized vessels.

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