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I.M. Skaugen begins tender, exchange offer for floating-rate bonds
By Angela McDaniels
Tacoma, Wash., March 5 - I.M. Skaugen SE began a tender and exchange offer for its NOK 125 million of floating-rate bonds due June 6, 2012 and NOK 2.5 million of floating-rate bonds due Sept. 17, 2012, according to a company announcement.
The offer price is par for the June bonds and 102.6% of par for the September bonds. The company will also pay accrued interest.
Bondholders can choose to receive their payments in cash or in the form of bonds due Feb. 27, 2015 with a coupon of Nibor plus 825 basis points.
The bond option will only be available to the extent that the 2015 bonds are available for exchange. The company said an undisclosed amount of 2015 bonds are available for exchange as of March 5. The company issued NOK 400 million of them on Feb. 27.
If too many holders choose the bond option, the company will allocate the bonds on a first come, first serve basis.
To the extent that 2015 bonds are not available for exchange settlement, all bonds tendered in the offer will be settled in cash.
In the exchanges, the 2015 bonds will be priced at par plus accrued interest, and the nominal exchange ratio of bonds tendered to bonds acquired will be one to one.
The offer will expire at 11 a.m. ET on March 23. The results are expected to be announced on March 26, and the settlement date is expected to be March 29.
The advisers and receiving agents are ABG Sundal Collier Norge ASA (contact Jon Erlend Arnesen at 47 22 01 60 32 or jon.arnesen@abgsc.no) and Swedbank First Securities (contact Morten Tjelle at 47 23 11 62 69 or morten.tjelle@swedbank.no).
I.M Skaugen is a marine transportation service company engaged in the transportation of petrochemical gases and chemicals. It is based in Oslo.
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