Trustee: Marine Accurate Well 9˝% bonds to be converted into equity

By Caroline Salls

Pittsburgh, April 7 – A total of $161.4 million of Marine Accurate Well ASA’s 9˝% second-lien callable bond issue 2013/2018 up to April 3 will be converted into equity as part of the company’s restructuring, according to a notice from bond trustee Nordic Trustee ASA.

The bonds will be converted at a price of $2,305.6625 per share.

Any interest accrued after April 3 will be cancelled and discharged in full.

The record date for the conversion is April 10.

Following conversion, the shares will be held by the trustee in custody of the bondholders in a client account pending completion of some of the restructuring steps.

Shares are expected to be delivered six to eight weeks after the record date.

Ulsteinvik, Norway-based Marine Accurate builds and owns special purpose semi-submersible rigs for heavy well intervention operations.

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