Siem Industries buys back $19.2 million bonds exchangeables for Subsea

By Tali Rackner

Norfolk, Va., June 15 – Siem Industries Inc. repurchased $19.2 million of its1% senior secured exchangeable bonds due 2019, according to a notice.

The bonds were repurchased at a price of 99.525.

In total, the company has repurchased $296.8 million of the bonds, $275.4 million of which have been canceled.

The bonds are exchangeable into shares of Subsea 7 SA, a number of which shares have been pledged by Siem for purposes of the exchange and security.

The company owns 69,731,931 shares of Subsea 7, or 21% of its issued and outstanding shares.

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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