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Siem to buy back 1% exchangeables due 2019 via reverse bookbuilding
By Marisa Wong
Morgantown, W.Va., May 26 – Siem Industries Inc. said it will repurchase its outstanding 1% bonds due 2019 exchangeable for common shares of Subsea 7 SA through a reverse bookbuilding.
The company will repurchase the exchangeable bonds due 2019 using proceeds from a concurrent offering of exchangeable bonds due 2021, according to a company announcement. The repurchase will be conditioned on completion of the new bond offering.
The repurchase price will be 99 to 99.5, together with accrued interest.
The issuer said it may decide to close the reverse bookbuilding at any time and that the aggregate amount of bonds to be repurchased will be announced later in the day on Thursday.
ABG Sundal Collier ASA and BNP Paribas are the joint bookrunners assisting with the reverse bookbuilding and also the joint bookrunners for the new bonds.
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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