Cecon non-binding indications show new bonds will be fully subscribed

By Caroline Salls

Pittsburgh, Dec. 17 - Cecon ASA has received non-binding indications showing that its $5 million to $7 million of new bonds will be fully subscribed by shareholders and bondholders in its existing bond loans, according to a company news release.

The company said the new bonds are part of a previously announced restructuring. Issuance of the new bonds is conditioned on receipt of binding subscription, allocation by Cecon's board of directors and completion of the restructuring.

The deadline for submission of binding subscriptions is expected to be Dec. 22.

Under the current timetable, the restructuring is scheduled to close by the end of January.

Cecon is an independent subsea installation contractor located in Arendal, Norway.

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