Polarcus to call $55 million 13% first-lien bonds using loan proceeds

By Angela McDaniels

Tacoma, Wash., Oct. 5 - Polarcus Ltd. expects to call its $55 million of 13% first-lien bonds due 2013 in the second or third quarter of 2012, according to a company news release.

The company will fund the redemption with its new $410 million bank loan facility.

The facility will be drawn down in five tranches and used to refinance existing debt related to the company's Polarcus Alima, Polarcus Asima and Polarcus Samur ships and to finance the Polarcus Amani and Polarcus Adira ships that are expected to be delivered in the first quarter and second quarter of 2012, respectively.

The company also signed an amended and restated bond agreement for Polarcus Alima AS' $80 million of 12½% second-lien bonds due 2015 and entered into an intercreditor agreement coordinating the security interests between the new facility and the bond issue.

Polarcus is a marine geophysical company. Its principal office is in Dubai, United Arab Emirates.

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