Marine Accurate Well ASA Completes Bond Issue

Marine Accurate Well ASA has approved the issuance of a subordinated convertible bond issue raising gross proceeds of US $80 million. The loan is part of MARACC's previously reported capital raising program and was be directed towards Norwegian and international investors.

The net proceeds of the loan shall be used to partly finance the construction of the GM4000 fully equipped semisubmersible vessel and the cost of the well intervention and top-side equipment, including installation of such equipment.

The convertible bonds will have a maturity of 5 years and carry a coupon rate of 9.00% per annum. The conversion price was set to US $5.80 per share implying that the full loan amount upon conversion would be converted into a total of 13.8 million new shares. The current exchange rate implies a conversion price of approximately NOK 34 per share.

The subordinated convertible bond issue is subject to the loan documentation being finalized and approved by Norsk Tillitsmann. Settlement date is expected in July. Pareto Securities acted as manager in relation to the transaction.


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