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BRIEF-Subsea 7 launches up to $700m convertible bond
September 27, 2012 / 6:06 AM / 5 years ago

BRIEF-Subsea 7 launches up to $700m convertible bond

OSLO, Sept 27 (Reuters) - Subsea 7

* Launches convertible bond

* The initial principal amount of the bonds of $500m may be increased up to $700m

* The proceeds of the issue will be used to finance the company’s growth and for general corporate purposes.

* The bonds are senior and unsecured and will be convertible into ordinary shares of the Company.

* The bonds are expected to have an annual coupon in a range between 0.5% - 1.0% payable semi-annually in arrear, and a conversion premium of 30% - 35% over the volume weighted average price of the Company’s shares on the Oslo Børs

* The bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature on or around October 5, 2017.

* ABG Sundal Collier and BNP Paribas are acting as joint bookrunners.

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