Axis Offshore offers to buy back some senior secured bonds due 2018

By Toni Weeks

San Luis Obispo, Calif., May 19 – Axis Offshore Pte. Ltd. has offered to repurchase some of its senior secured callable bonds due 2018 with part of its current cash reserve, according to a press release.

The offer will be conducted as an auction process. Bondholders may submit offers for sale of all or a portion of their bonds at desired prices.

The offer will expire at 6:00 a.m. ET on May 27.

Prior to 3 a.m. ET on May 28, the issuer will decide upon the maximum buy-back price and the total amount of bonds to be purchased. All bondholders with offers at a lower price than the maximum buy-back price will receive the relevant lowest offered price on all of the amounts so offered. Offers at the maximum buy-back price, if any, will receive that price on all or a pro rata number of bonds so offered until the maximum buy-back amount has been reached.

Settlement will occur June 3.

Pareto Securities (axisoffshore@paretosec.com or +47 22 87 87 50) is acting as manager for the repurchase offer.

Questions may be directed to Axis chief financial officer Mikael Elling (+65 8127 1141).

Singapore-based Axis Offshore, a joint venture between J. Lauritzen A/S and HitecVision, is a provider of high-specification flotels servicing the offshore oil and gas industry.

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