Siem adjusts exchange price of 1% exchangeables due 2019 to $27.41

By Tali Rackner

Norfolk, Va., July 2 – Siem Industries Inc. adjusted the exchange price of its 1% senior secured exchangeable bonds, issue 2012/2019, according to a notice from trustee Norsk Tillitsmann ASA.

The new exchange price is $27.41, effective June 30.

The bonds are exchangeable into shares of Subsea 7 SA.

The adjustment is due to a dividend payment made by Subsea 7 on July 12.

Siem is a diversified industrial holding company with main interests in the oil and gas services industry, the ocean transport of refrigerated cargo and automobiles.

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