Subsea holders put $300,000 2.8% convertibles after change of control

By Susanna Moon

Chicago, March 17 - Subsea 7 Inc. said holders put $300,000 of its outstanding $300 million 2.8% convertible notes due June 2011 during a change-of-control notice period.

The notes will be redeemed at their accreted principal amount on March 29.

Following the cancellation of the notes that were put back, $229 million par value of notes will remain outstanding, of which Subsea holds notes representing a par value of $71 million.

Subsea is a London-based underwater engineering and construction contractor.

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