Thursday, April 24, 2014

24/04/14: Marine Harvest launches EUR 375 million convertible bond offering due 2019


Marine Harvest ASA ("Marine Harvest" or the "Company") announces today that it intends to issue EUR 375 million in principal amount of convertible bonds (the "Bonds") with a five-year tenor.

The senior unsecured Bonds are convertible into common shares of the Company. The Bonds are expected to have an annual coupon in the range of 0.875% - 1.500% payable semi-annually in arrear and a conversion premium of 30.0% - 35.0% over the volume weighted average price of the Company's common shares on the Oslo Stock Exchange (translated into EUR) between launch and pricing.

The Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in 2019. Marine Harvest has the right to call the Bonds after approximately three years if the value of the Marine Harvest common shares underlying one Bond on the Oslo Stock Exchange (translated into EUR) exceeds, for a specified period of time, 130% of the principal amount of a Bond.

Location of XY (see filename) on the globe.
Location of XY (see filename) on the globe. (Photo credit: Wikipedia)
The Bonds are expected to be settled on or around 6 May 2014. The Bonds will not be listed on issue but Marine Harvest may decide to list the Bonds on an exchange at a later stage.

The proceeds from the Bonds will be used for general corporate purposes including refinancing of the Company's indebtedness.

Credit Suisse and Goldman Sachs International are acting as joint bookrunners.

Marine Harvest expects to announce the final terms and conditions related to the convertible bond transaction on 24 April 2014.

This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for any securities of Marine Harvest.



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