Successful placement of new unsecured bond issue
22 May 2013
Reference is made to the stock exchange notice published by Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) on 21 May 2013 regarding the contemplated new senior unsecured bond issue.
Polarcus is pleased to announce that the Company has successfully placed a new unsecured bond issue of USD 95 million with maturity in June 2018. The bond issue was substantially oversubscribed.
The bonds will be issued with a coupon of 8.00% p.a. and the net proceeds from the bond issue will be used to refinance existing bond debt; the USD 60 million bond with ISIN NO 0010590300 and maturity 29 October 2015 and the USD 35 million convertible bond with ISIN NO 0010445943 and maturity 30 July 2013. As part of the transaction Polarcus has bought back USD 7.2 million of the USD 60 million bond and USD 5 million of the USD 35 million convertible bond. A call notice for the USD 60 million bond will be sent immediately.
The new bond issue will be proposed for listing on the Oslo Stock Exchange.
ABG Sundal Collier, DNB Markets and Pareto Securities have acted as Managers of the bond issue.
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)