Cyprus' Songa to sell $200 million seven-year notes via Citigroup

By Paul A. Harris

St. Louis, Jan. 27 - Songa Offshore SE started a roadshow on Wednesday for a $200 million offering of seven-year senior notes, according to an informed source.

The deal is expected to price late in the Feb. 1 week.

Citigroup is leading the Rule 144A and Regulation S offering.

Proceeds will be used to refinance debt and for general corporate purposes.

Following the closing of the offering, Songa expects to conduct an exchange offer for its secured fixed-rate notes due 2011 and its floating-rate notes due 2012.

Songa is a provider of offshore drilling services. With its fleet of six rigs, it currently operates in the North Sea, offshore North and West Australia and offshore North and West Africa. Songa is based in Limassol, Cyprus.

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