According to the report the company intends to issue up to EUR 225 million in principal amount of convertible bonds (the “Bonds”) with a five-year tenor. It is said that this amount includes an increase option (in respect of up to EUR 25 million in principal amount of Bonds) that has been granted to the joint bookrunners of the offering. The senior unsecured Bonds are convertible into common shares of the Company.
The company states that these bonds have an annual coupon in the range of 3.625 percent – 4.625 percent payable semi-annually in arrear and a conversion premium of 30 percent – 35 percent over the volume weighted average price of the Company’s shares on the Oslo Stock Exchange (converted into EUR) between launch and pricing.
The company also mentioned that the Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in 2015. It is informed that the company has the right to call the Bonds after approximately three years if the value of the Marine Harvest shares underlying one Bond on the Oslo Stock Exchange (translated into EUR) exceeds, for a specified period of time, 130 percent of the principal amount of a Bond.
It is expected that the proceeds from the Bonds will be used for general corporate purposes including the refinancing of certain of Marine Harvest Group’s loans and the extension of the Group’s debt maturity profile.
