Subsea 7 buys back $35.5 million more 1% convertible bonds due 2017

By Tali Rackner

Norfolk, Va., Nov. 17 – Subsea 7 SA said it bought back another $35.5 million principal amount of its $700 million 1% convertible bonds due 2017 through market purchases on Nov. 14.

Following the purchase, the company now holds $81.9 million, or about 11.7% of the original principal amount, of the 1% convertibles, according to a 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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