Provider: Wright Reports
Sevan Drilling ASA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Sevan Drilling ASA Updates on Private Placement
Sevan Drilling ASA announced that with reference to the announcement made by the Company earlier regarding a contemplated private placement of USD 175 million through an issue of new shares in the Company directed towards Norwegian and international investors (Private Placement), the Company has raised NOK 987.5 million in gross proceeds through a private placement of 250,000,000 shares, each with a par value of NOK 1 at a price of NOK 3.95 per share. The Private Placement took place as an accelerated bookbuilding process and was managed by Pareto Securities AS and Swedbank First Securities (collectively referred to as the Joint Bookrunners) as joint lead managers and joint bookrunners and Carnegie as co-manager. Rothschild is acting as financial adviser to the Company. The Private Placement was oversubscribed at the subscription price and was supported by existing shareholders, as well as new institutional investors. The net proceeds to the Company from the Private Placement will be used as follows: USD 40 million in payment of deferred liabilities and CAPEX, USD 35 million in pre-payment of bank debt and, and for general corporate purposes. The completion of the Private Placement remains conditional upon the following: approval of the Private Placement and the Subsequent Offering by an Extraordinary General Meeting of the Company to be held on or about February 6, 2013 and payment being received for the shares to be issued in the Private Placement, among others.
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