Pareto Securities has very successfully arranged an unsecured convertible bond for Norwegian jack-up rig company Sinvest at $65m, but the company has decided to increase the bond to right under a $100m due to the strong investor appetite. The bond has an interest of 8.25% over 5 years and the option to repay the bond in 12 months at 130% over par. The bond can be converted at $4.6 per share. The share price today closed on the OSE at $3.26. The board will get the final approval for the increase January 24 at the extra ordinary meeting to take place. The bond is a refinancing of a secured existing bond of $28M. The company has 3 jack-up rigs under construction and with the new cash can exercise the options for two additional jack-up rigs.
This is only an excerpt of Pareto Securities Arranges Convertible Bond for Sinvest
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