The convertible bonds, which are to be issued by Songa Offshore and are convertible into common shares of the Company, have an annual coupon of 3.25% and a conversion price of US$13.37 (NOK 80.51) per bond, representing a conversion premium of 35% to the volume weighted average share price during the marketing period.
The reference price of the Company`s common shares has been set at NOK 59.6348 (the volume weighted average price during the marketing period) and the exchange rate used to determine the number of common shares underlying the bonds is NOK/US$6.02.
The transaction is expected to close on or about June 1, 2007.
The convertible bond issue is part of Songa Offshore's previously announced refinancing efforts.
ABG Sundal Collier acted as sole bookrunner for the Company in connection with the placement.
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