Sea Trucks Group seeks consents to redeem secured convertible bonds

New York, March 6 - Sea Trucks Group Ltd. announced it is seeking consents to allow it to redeem early its $200 million of secured pre-QPO convertible guaranteed bonds due 2015.

The solicitation is part of a refinancing in which Sea Trucks will offer new senior secured bonds to repay the convertibles and also its senior loan.

The company said it believes a new senior secured bond "represents the most appropriate strategy to obtain secured financing on terms which permit Sea Trucks to pursue its strategic objectives."

Sea Trucks is seeking consents to allow it to redeem the convertibles early at 123% of par on the settlement date of the new bonds. It will also pay accrued interest.

The company is also seeking consents from holders of the convertibles to allow it to grant a security over the escrow account for the convertibles to the trustee for the new bonds.

The enhanced equity rights of the convertibles will be canceled.

Consents must be received by 9 a.m. ET on March 15.

The tender requires that holders of at least 75% of the bonds accept the offer. The company said it has received irrevocable undertakings from bondholders owning at least that amount of the convertibles to participate.

Pareto Securities is financial adviser for the solicitation. Trustee Capita Trust Co. Ltd. can provide information (+44 20 3367 8775)

Sea Trucks is a Rotterdam-based marine contractor to the oil and gas industry in West Africa.

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