Global Rig to redeem all 13% bonds due 2015 after total loss of rig

By Toni Weeks

San Luis Obispo, Calif., June 19 – Global Rig Co. ASA will redeem all of its 13% senior secured callable bonds due 2015, according to a notice from bond trustee Nordic Trustee ASA.

The bonds will be redeemed at par plus accrued interest on June 25. The record date is June 23.

The issuer said the redemption is required because one of the group’s rigs was involved in a well-control incident on March 17 that resulted in a fire, and the rig was declared a total loss in late April.

According to the bond agreement, bonds must be repaid at 100% of par following a total loss event.

Global Rig is an onshore rig owner and lessor based in Oslo.

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