Subsea 7 buys $27 million more 1% convertibles in market purchases

By Susanna Moon

Chicago, Oct. 20 – Subsea 7 SA said it bought another $27 million principal amount of its $700 million 1% convertible bonds due 2017 through market purchases on Oct. 17.

After the latest purchases, the company now owns $46.4 million, or about 6.6%, of the 1% convertibles, according to a company news release.

The convertibles were issued in 2012.

Subsea 7 is a Luxembourg-based contractor that provides seabed-to-surface engineering, construction and services to the offshore energy industry.

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