| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
SeaBird Exploration holders approve two-month extension for floaters
By Susanna Moon
Chicago, July 21 - SeaBird Exploration plc said bondholders approved a two-month extension of the NOK 81.75 million of floating-rate bonds that were scheduled to mature on July 14.
The meeting was held on July 21, and the proposal garnered support from all of the bondholders present at the meeting, and there were enough holders to form quorum.
SeaBird announced the meeting by trustee Norsk Tillitsmann ASA on July 13. The bonds were issued by SeaBird Exploration Ltd.
As previously noted, SeaBird proposed the maturity be delayed to Sept. 14. The repayment price will be 104% of par.
The company said that bondholders representing more than two-thirds of the votes had agreed to vote in favor of the proposal.
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 with the Hugin Explorer and Munin Explorer in standby mode, according to a previous news release.
The company said that it was 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 overdue outstanding receivables.
SeaBird said it would 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 the 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 925 basis points accruing from July 14.
ABG Sundal Collier Norge ASA and Fearnleys Fonds ASA are acting as financial advisers.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.