SCAN Geophysical Closes Convertible Bond Financing
SCAN Geophysical ASA has closed a NOK 202,500,000 subordinated convertible bond issue towards existing shareholders and new investors. The unsecured bonds have a fixed interest rate of 7% per annum, maturity of 5 years and a conversion price of NOK 27 per share.
SCAN is pleased to have experienced that the bond issue has been very well received in the financial market, and fully subscribed within two days. The proceeds will be used for general business purposes, and will give the company more flexibility in relation to business opportunities.
The nominal value of the bonds are NOK 540,000 pr bond, with conversion rights into 20,000 new shares in SCAN Geophysical ASA at the conversion price of NOK 27 per share, exercisable at any time. The transaction is subject to approval of Extraordinary General Meeting, to be held on October 27, 2006.
The bond issue was managed by Pareto Securities ASA.
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