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.
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| 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.
This blog is maintained by The Aquaculturists staff and is supported by the magazine International Aquafeed which is published by Perendale Publishers Ltd.
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