Floatel offers to buy back 8% bonds, to call outstanding bonds Oct. 11

By Marisa Wong

Madison, Wis., July 9 – Floatel International Ltd. announced an offer to repurchase from bondholders any and all of its 8% senior secured callable bonds due 2017

The offer began on Wednesday and will expire at 10 a.m. ET on July 18.

The purchase price is based on a fixed spread of 50 basis points over the relevant T-bill to first call date, which is Oct. 11. At the time the offer was made, the reference rate was 0.0275%, which sets the offer price at 107.612.

The company will also pay accrued interest on the redeemed amount.

Results of the offer are expected to be announced on July 21. Settlement is slated for July 23.

SEB (attn.: Kenneth Casper Edvardsen, Credit Sales, +47 22 82 72 56, kenneth.edvardsen@seb.no) and Swedbank Norway (Per Bjornar Fausa, Fixed Income Sales, +47 23 11 62 60, pbf@swedbank.no) are the agents for the offer.

The company also announced on Wednesday that its outstanding 8% bonds will be called in full on Oct. 11 at a price of 106 plus accrued interest. Settlement will occur on Oct. 13.

Floatel is a Molndal, Sweden-based owner and operator of offshore accommodation and construction support vessels.

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