Rem Offshore buys NOK 92.3 million 5% PIK bonds at 65 by Dutch auction

By Susanna Moon

Chicago, Jan. 4 – Rem Offshore ASA announced the results of the buyback offer for its 5% pay-in-kind secured bonds due 2024 that ran from 3 a.m. ET on Dec. 16 and expired at 6 a.m. ET on Jan. 3.

In the Dutch auction offer, the issuer will purchase NOK 92.3 million of notes up to and including the repurchase price of 65% of par including accrued interest, according to a notice.

Rem Offshore will purchase 88.1% of the bonds offered at the repurchase price, including at-market offers, with settlement set for Jan. 6.

The repurchased bonds will be canceled.

The company said on Dec. 15 that it was offering to repurchase up to NOK 60 million of the secured bond issue 2016/2024 by Dutch auction beginning at 3 a.m. ET the following day.

As previously reported, the company issued the bonds as part of a restructuring, with a fixed coupon of 5% payable in-kind and no financial covenants, in exchange for bonds that remained following a recent debt conversion.

The company said it would carry out a buyback of the bonds as a reverse Dutch auction within 30 days of the closing of the restructuring, which was announced Dec. 9.

ABG Sundal Collier ASA is the manager of the buyback offer. Questions about the offer are to be directed to ABG’s Magnus Drageset (+47 22 01 61 41 or magnus.drageset@abgsc.no), Ola Nygard (+47 22 01 61 86 or ola.nygard@abgsc.no) or Eivind Kjær Thorsen (+47 22 01 60 95 or eivind.thorsen@abgsc).

The fishing and supply shipping company is located in Fosnavaag, Norway.

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