I.M. Skaugen buys back NOK 6 million of convertibles

By E. Janene Geiss

Philadelphia, Nov. 2 - I.M. Skaugen ASA bought back NOK 6 million of its convertible bonds, according to a Wednesday news release.

The repurchase was at a price of 358,33. If converted, the bonds would have been exchangeable for 100,000 shares.

The Oslo, Norway, marine transportation company originally sold NOK 124 million of the convertibles in July 2001. The nominal value of the convertible bonds is NOK 75 million, of which I.M. Skaugen owns NOK 36 million.

The current conversion price is NOK 60 per share less NOK 11.00 per share, which will be paid at the time of conversion as a compensation for the dividend.

The announcement is the latest in a series covering repurchases. The company made several purchases during September, October and November of last year.

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