I.M. Skaugen to repurchase NOK 55.5 million of floating-rate bonds

By Angela McDaniels

Tacoma, Wash., March 26 - I.M. Skaugen SE will buy back NOK 55.5 million of its floating-rate bonds due June 6, 2012 at par plus accrued interest, according to a company announcement.

Following settlement on March 29, NOK 69.5 million of the bonds will remain outstanding.

The transaction follows the March 22 settlement of the company's NOK 350 million issue of floating-rate bonds due April 2017. The coupon is Nibor plus 900 basis points.

As previously reported, the company began a tender and exchange offer for the June bonds and its NOK 2.5 million of floating-rate bonds due Sept. 17, 2012 on March 5. The offer expired at 11 a.m. ET on March 23.

The offer price for the September bonds was 102.6% of par.

Bondholders could choose to receive their payments in cash or in the form of bonds due Feb. 27, 2015 with a coupon of Nibor plus 825 bps.

The bond option was only available to the extent that the 2015 bonds were available for exchange. The company said an undisclosed amount of 2015 bonds was available for exchange as of March 5. The company issued NOK 400 million of them on Feb. 27.

The advisers and receiving agents were 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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