Siem Industries to buy back $128.6 million 1% exchangeables due 2019

By Marisa Wong

Morgantown, W.Va., May 26 – Siem Industries Inc. said it will repurchase $128.6 million, or 43%, of its outstanding 1% bonds due 2019 exchangeable for common shares of Subsea 7 SA.

The company announced earlier on Thursday that it planned to repurchase the exchangeable bonds due 2019 using proceeds from a concurrent offering of exchangeable bonds. The company announced later in the day that it priced €250 million of senior secured exchangeable bonds due 2021. The buyback was conditioned on the new bond offering.

The repurchase price is 99.5, or $199,000 per $200,000 principal amount, together with $449.32 of accrued interest. The company previously said the repurchase price would be between 99 and 99.5.

ABG Sundal Collier ASA and BNP Paribas were the joint bookrunners assisting with the reverse bookbuilding and also the joint bookrunners for the new bonds.

Settlement of the repurchase is expected to take place on June 2.

Based in the Cayman Islands, Siem is a diversified industrial holding company with interests in oil and gas and renewable energy and shipping, mining and finance.

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