Oceanic Champion to redeem $5.22 million of 8% bonds on April 20

By Angela McDaniels

Tacoma, Wash., April 10 – Oceanic Champion AS will redeem $5,215,707 of its 8% senior secured callable bonds due 2020 on April 20, according to a notice from bond trustee Nordic Trustee ASA.

The redemption price is par plus accrued interest.

Currently, the principal amount of the outstanding bonds is $30,823,167.

In March, CGG SA issued $12.15 million of 6½% senior notes due 2021 to Ocean Champion. The latter received the notes as consideration for agreeing to amendments to the charter arrangements for the security vessel.

Oceanic Champion then sold the 6½% notes in the open market and is using the net proceeds to fund the redemption, as approved by bondholders in March.

Oceanic Champion is a subsidiary of CGG Eidesvik Ship Management AS of Bergen, Norway. The parent company operates a fleet of seismic vessels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.