Sevan Marine to redeem $48 million senior secured convertibles

By Melissa Kory

Cleveland, Oct. 6 - Sevan Marine ASA served an irrevocable call notice to Norsk Tillitsmann ASA, initiating the prepayment of its $48 million senior secured callable convertible bond 2009/2013.

Proceeds from a new $83 million credit facility that Sevan entered into will be used to fund the redemption. The new loan is a club deal arranged by Investec Bank plc.

Sevan Marine is an Arendal, Norway-based engineering company active in the oil and gas industry.

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