By Rebecca Melvin
New York, April 7 – Songa Offshore SE priced $125 million of six-year convertible bonds to yield 2% with an initial conversion premium of 15% over the share reference price set at NOK0.15 per share, according to a release.
The Rule 144A and Regulation S offering is being issued as part of a comprehensive refinancing, and deal size came at the high end of talk for $100 million to $125 million.
In addition, warrants are being issued in the amount of 1,701,720 for each bond, or $100,000 of allocation. These warrants are exercisable from 12 to 36 months after issue.
The company’s largest shareholder Perestroika AS has been allocated $55.16 million of the issue.
Joint bookrunners of the issue were ABG Sundal ASA and Swedbank Norge, branch of Swedbank AB.
The new convertible is expected to be listed on the Oslo Stock Exchange within six months of settlement.
Songa is an offshore drilling company based in Oslo.
| Issuer: | Songa Offshore SE
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| Issue: | Convertible bonds
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| Amount: | $125 million
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| Bookrunners: | ABG Sundal Collier ASA and Swedbank Norge, part of Swedbank AB
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| Coupon: | 2%
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| Price: | Par
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| Yield: | 2%
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| Conversion premium: | 15%
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| Warrants: | For 1,701,720 shares per $100,000 principal amount
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| Pricing date: | April 7
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| Settlement date: | April 20
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| Stock symbol: | Oslo: SONG
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| Stock reference price: | NOK 0.15
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| Market capitalization: | NOK 279.65 million
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