SeaBird seeks bondholder consent to restructure floaters due 2009

By Angela McDaniels

Tacoma, Wash., Feb. 26 - SeaBird Exploration Ltd. said it plans to restructure its NOK 200 million floating-rate bonds due July 14, 2009.

The company will hold a bondholders meeting on March 9. Holders will vote on whether to:

• Put their bonds back to the company for 64% of par plus accrued interest; or

• Continue holding their bonds. But in this case, 20% of the bonds will be redeemed, the maturity will be extended by two years, and the negative pledge provisions will be removed.

SeaBird has received irrevocable voting undertakings for the proposal from bondholders representing more than two-thirds of the bonds, according to a company news release.

The restructuring will be partly financed with the proceeds from a planned private placement of shares, which is expected to generate proceeds of NOK 70 million to NOK 90 million.

The private placement is conditioned on the required majority of bondholders voting in favor of SeaBird's proposal.

SeaBird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.

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