Secunda International continues tender for $125 million senior notes to Aug. 11

By Laura Lutz

Des Moines, July 28 - Secunda International Ltd. has extended to 5 p.m. ET on Aug. 11 the tender offer and consent solicitation for its $125 million senior secured floating rate notes due 2012, according to a company release.

The expiration date was previously July 28.

As previously reported, all of the notes were tendered by the consent deadline July 12.

The consents allow the company to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

Assuming a settlement date of Aug. 14, the company will pay $1,043.58, including the consent payment of $30.00 per $1,000 principal amount. The price is based on a tender offer yield of 5.658% - 50 basis points more than the comparable U.S. Treasury.

The tender began June 26, and pricing was fixed July 14.

The offer is subject to conditions, including the receipt of tenders from holders of a majority of the notes, Secunda entering into a new credit facility or other financing that provides sufficient cash to fund the tender offer and consent solicitation and the successful pricing of the initial public offering of the company's common shares in Canada.

Banc of America Securities LLC is the dealer manager and solicitation agent (call High Yield Special Products collect at 212 847-5836 or 888 292-0070). D.F. King and Co., Inc. is the information agent (call collect 212 269-5550 or 800 758-5378).

Secunda is a Dartmouth, Nova Scotia, offshore oil services company.

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