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I.M. Skaugen to repurchase NOK 60 million of floating-rate bonds
By Toni Weeks
San Luis Obispo, Calif., March 9 – I.M. Skaugen SE plans to buy back NOK 60 million of its senior floating-rate bonds due 2015, according to a company announcement.
The repurchase offer, which begins at 4 a.m. ET on March 23 and ends at 1 p.m. ET on March 24, will be conducted as a modified reverse Dutch auction. The purchase price will be determined through a reverse bookbuilding process and will be capped at par.
Sales offers will first be accepted according to price, and then, if sales offers at the last price accepted exceed the remaining buy-back amount, offers at this price level will be accepted pro rata based on offer size.
Results of the offer will be announced March 25, with settlement expected March 27.
If the repurchase is completed at a discount to par, the nominal difference between the discounted purchase prices and par will be distributed as cash to remaining bondholders of record as of March 30, with settlement for the cash payment to be made by April 1.
Bonds offered for sale may be withdrawn at any time prior to the expiration date.
The repurchase offer is not conditional on any minimum number of bonds being tendered.
The advisers and receiving agents are Fearnley Securities AS (contact Nils Ansgar Skogstad at 47 22 93 63 51 / email: na.skogstad@fearnleys.no or Per Lauvvang at 47 22 93 63 77 / p.lauvvang@fearnleys.no) and Swedbank Norway (contact Wilhelm Koren at 47 23 11 62 66 / email: wilhelm.koren@swedbank.no or Mathias Wexels at 47 23 11 62 77 / email: mathias.wexels@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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