Songa Offshore Issues US $75 Million Bond

Songa Offshore has issued a US $75 million, 9.75%, 5 year bullet bond loan subject to delivery of rig Stena Dee.

The 5 year bullet loan is issued at par and carries a coupon of 9.75%. The loan is subject to delivery of the rig Stena Dee and will be secured by a second priority mortgage in Stena Dee behind a US $150 million bank loan facility to be established. The bond is fully subscribed. Joint lead managers for the bond were Pareto Securities and Nordea Securities.