Polarcus Closes Offering of USD 125 Million of Senior Secured Convertible Bonds (U.A.E)

Polarcus Limited  announced that, due to overwhelming investor demand, the Company has decided to close the previously announced offering of USD 125 million in principal amount of Senior Secured Convertible Bonds .

The Bonds to be issued by Polarcus are convertible into common shares with an annual coupon of 2.875% and a conversion premium of 32.5% versus the volume weighted average share price of Polarcus’ shares on the Oslo Stock Exchange for the trading period commencing 12 April 2011 and ending 13 April 2011.

The Bonds will be issued at 100% of their principal amount and, unless previously redeemed, converted or cancelled, will mature in April 2016. The Bonds are expected to be issued on 27 April 2011. Polarcus expects to announce the final terms and conditions for the convertible bond transaction at 17.30 CEST on 13 April 2011.

The purpose of the Bonds is to finance the acquisition and completion of POLARCUS SELMA, an ultra-modern and Arctic-ready 8 streamer 3D seismic vessel of the ULSTEIN SX133 design currently being built at Drydocks World – Dubai in the United Arab Emirates. From delivery of POLARCUS SELMA, scheduled for delivery in Q3 2011, the Bonds will, inter alia, be secured by a 1st priority vessel mortgage.

The issuance of the Bonds highlights Polarcus’ view that the increased tender activity and strengthening backlog currently being witnessed by the Company is tangible evidence of a sustainable upturn commencing in the 3D marine seismic services market.

ABG Sundal Collier is acting as Lead Manager and Sole Bookrunner for the transaction.

DnB NOR Markets and Pareto Securities are Co-Managers.

Source: polarcus, April 13, 2011;

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