Siem Industries has revealed its intention to buy bonds worth more than $23m if its bondholders approve the company’s latest amendment proposal.
The Kristian Siem-led group has launched an offer to buy debt worth NOK 200m ($23.4m), currently held by bondholders in the SIOFF01 and SIOFF02 bonds.
Starting from today, the offer will close on 11 April and it is conditional upon the approval of the summons submitted to bondholders earlier this week.
Siem Offshore has asked to extend the maturity of two bonds by 2.75 years.
The Norwegian company is also seeking bondholders’ support in reducing the interest of the bonds by 0.75%.
This is part of the company’s restructuring, which started with an equity issue in 2015 amid the offshore market slump.
Many offshore vessel owners have either decided to consolidate or restructure.
Siem controls a fleet of more than 50 ships, including anchor handlers and platform supply vessels (PSVs).
