The April 19 issue of the Prospect News Convertibles Daily incorrectly reported the pricing date for Polarcus Ltd.'s offering of convertible bonds and included a mistaken company description. The report below also adds additional information about the sale.
New Issue: Polarcus sells $125 million five-year convertibles at 2.875%, up 32.5%
By Rebecca Melvin
New York, April 19 - Polarcus Ltd. priced $125 million of five-year convertible bonds at par to yield 2.875% with an initial conversion premium of 32.5% over the volume weighted average share price of Polarcus' shares on the Oslo Stock Exchange between April 12 and April 13, according to a news release.
The bonds priced near the rich end of talk for the coupon, which was in the range of 2.5% to 3.25%, and at the midpoint of the 30% to 35% premium talk.
The initial conversion price is $1.9345 with the exchange rate set at $1.4600 equals NOK 7.9338.
ABG Sundal Collier acted as sole bookrunner, with co-managers DnB NOR Markets and Pareto Securities.
Zickerman Holding Ltd agreed to lend out shares of the company for the purpose of enabling investors to have access to shares as a hedge.
Proceeds will be used to finance the acquisition and completion of mariner vessels.
Based in Dubai, United Arab Emirates, Polarcus is a marine geophysical company.
| Issuer: | Polarcus Ltd.
|
| Issue: | Convertible senior secured bonds
|
| Amount: | $125 million
|
| Maturity: | April 2016
|
| Bookrunner: | ABG Sundal Collier
|
| Co-managers: | DnB NOR Markets and Pareto Securities
|
| Coupon: | 2.875%
|
| Price: | Par
|
| Yield: | 2.875%
|
| Conversion premium: | 32.5%
|
| Conversion price: | $1.9345 ($1.4600=NOK 7.9338)
|
| Price talk: | 2.5%-3.25%, up 30%-35%
|
| Pricing date: | April 13
|
| Settlement date: | April 27
|
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