Prosafe considers repurchase of NOK 500 million bonds due 2016

By Toni Weeks

San Luis Obispo, Calif., Feb. 26 – Prosafe SE said it is contemplating repurchasing up to NOK 500 million nominal outstanding amount of its senior unsecured bonds due Feb. 25, 2016, according to a press release.

The repurchase will be conducted as a reverse Dutch auction.

Bondholders are eligible to provide offers for sale of all or a portion of their bonds.

The expiration date is 10 a.m. ET on March 5. By 3 a.m. ET on March 6, the company will set the price and the total amount of bonds it will repurchase. All bondholders with offers at or below the buyback price will receive the buyback price on amounts offered within a price range.

Settlement is expected March 10.

Nordea Markets is the manager (contact Kristoffer Johansen at 47 2248 7717 or kristoffer.johansen@nordea.com or Stein Morten Saether at 47 2248 7876 or stein.morten.sather@nordea.com).

Prosafe is a Larnaca, Cyprus-based owner and operator of semi-submersible accommodation/service rigs.

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