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Olympic Subsea to convert NOK 300 million 3% convertibles due 2022
By Rebecca Melvin
Concord, N.H., Nov. 9 – Olympic Subsea ASA said it plans to convert its senior unsecured convertibles due 2022 (ISIN: 001 0785744) into shares of the company as part of an overall debt restructuring plan, according to a company notice.
The company reached an agreement with the majority of its bank lenders for the debt restructuring to be completed in the middle of this month. The restructuring will lower the company’s annual debt service, increase its cash balance and improve financial flexibility, according to the company. It will also extend its debt profile, with no mandatory maturities until March 31, 2023.
The conversion will result in the bondholders receiving about 22% of the shares in the company.
The ship lessor and owner is based in Fosnavag, Norway.
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