By Devika Patel
Knoxville, Tenn., April 22 - Sevan Marine ASA said it sold a $12 million 15% four-year senior secured callable convertible bond.
The bond is convertible into shares at the Norwegian krone equivalent of $1.0454 on the conversion date.
Interest payments may be paid through additional bonds or in cash, at the company's election.
The bond may be called at 115% of parity value plus accrued interest or at 140% of par value plus accrued interest on the redeemed amount.
Norsk Tilitsmann ASA is the trustee.
Proceeds will be used for general corporate purposes.
Sevan Marine is an Arendal, Norway-based engineering company active within the oil and gas industry.
Issuer: | Sevan Marine ASA
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Issue: | Senior secured callable convertible bond
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Amount: | $12 million
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Maturity: | Four years
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Coupon: | 15%
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Price: | Par
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Yield: | 15%
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Conversion price: | $1.0454 (in NOK)
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Call option: | At 115% of parity value plus accrued interest or at 140% of par value plus accrued interest on the redeemed amount
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Trustee: | Norsk Tilitsmann ASA
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Pricing date: | April 17
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Settlement date: | April 21
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Stock symbol: | Oslo: SEVAN
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