Prosafe Completes $116 Million Bond Issue

Prosafe, a Cyprus-based owner of offshore accommodation rigs, has announced that it has successfully completed an NOK 700 million (around $116 million) unsecured bond issue maturing in October 2018.

The bond carries an interest of 3-month NIBOR plus 2.95 per cent. Settlement date is expected to be 22 October 2013.

An application will be made for the bonds to be listed on the Oslo Stock Exchange. The proceeds will be used for refinancing of existing debt and for general corporate purposes.

DNB Markets, Nordea Markets and Swedbank First Securities acted as Joint Lead Managers for the issuance.

Prosafe is the world’s leading owner and operator of semi-submersible accommodation vessels. Operating profit reached USD 222.4 million in 2012 and net profit was USD 177.5 million. The company operates globally, employs 570 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.

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Press Release, October 10, 2013