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SeaBird Exploration to hold July 21 meeting to seek bond extension
By Jennifer Chiou
New York, July 13 - SeaBird Exploration plc announced that trustee Norsk Tillitsmann ASA will hold a meeting on July 21 to seek approval of the proposed two-month extension of the NOK 81.75 million of floating-rate bonds set for initial maturity on July 14.
The bonds were issued by SeaBird Exploration Ltd.
SeaBird is proposing that the maturity be delayed to Sept. 14 with a repayment price at 104% of par.
The company said that bondholders representing more than two-thirds of the votes have agreed to vote in favor of the proposal.
According to a company news release, SeaBird is short of the funds needed to settle the bonds at maturity due to the four months of idle time for the OBN operation from December 2010 to March 2011 with the Hugin Explorer and Munin Explorer in standby mode.
The company said that it is aiming to settle the bonds within the two-month extended timeframe through its operating activities, receiving compensation from the sale of Multiclient work and the potential settlement of some long overdue outstanding receivables.
SeaBird said it will use the extra time to conclude talks with prospective clients to improve the company's backlog in order to strengthen the basis for refinancing.
The company will have the option to call remaining bonds in whole or in part before Aug. 1 at 101% of par and before Sept. 1 at 103% of par. In addition, interest will be adjusted to Nibor plus 9.25% accruing from July 14.
SeaBird has appointed ABG Sundal Collier Norge ASA and Fearnleys Fonds ASA as financial advisers.
Questions may be directed to Tim Isden (971 504 539075) or Kai Solberg-Hansen (47 920 51 455).
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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