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Published on 10/19/2011 in the Prospect News Convertibles Daily and Prospect News Liability Management Daily.

Swiber holders may put 5% convertibles due to change of control

By Marisa Wong

Madison, Wis., Oct. 19 - Swiber Holdings Ltd. said that holders of its $100 million 5% convertible bonds due 2014 may exercise their put option due to a change of control.

If the put option is exercised, the company will be required to redeem all of the outstanding convertibles at par plus accrued interest. Holders must put the entire outstanding principal amount and not only a portion of the bonds.

As of Oct. 19, all $100 million principal amount of the bonds remains outstanding.

Swiber is a Singapore-based offshore oil and gas company.


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