Polarcus Limited: Buyback of convertible bonds
26 Nov 2014
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces that the Company has on 25 November 2014 bought convertible bonds of nominal value USD 21 million in the USD 125 million 2.875% Polarcus Ltd Secured Convertible Bond Issue 2011/2016 (ISIN: NO0010607435) (the “Convertible Bond”) at a price of 72.25%. Following this trade, the Company holds convertible bonds with an aggregate nominal value of USD 21 million and those convertible bonds will be cancelled.
Subsequent to the cancellation the outstanding amount in the Convertible Bond will be USD 104 million. With the new outstanding amount there is no need to hold cash in escrow to fulfil the loan to book value covenant in the Convertible Bond loan agreement.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)