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.
The senior unsecured Bonds will have an annual coupon of 4.5 per cent payable semi-annually in arrear and a conversion price of EUR 0.8335 per Bond representing a conversion premium of 30 per cent of the volume weighted average price of the Company's shares on the Oslo Stock Exchange (converted into EUR) up to the pricing of the Bonds on 24 February 2010.
The Reference Price of the Company's shares was set at EUR 0.6411 (based on a volume weighted average price of NOK 5.1534 between launch and pricing).
The Bonds will be issued and redeemed at 100 per cent of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in 2015.
Marine Harvest 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 per cent of the principal amount of a Bond.
ABG Sundal Collier, Credit Suisse and J.P. Morgan are acting as joint bookrunners, and DnB NOR Markets, Fortis Bank Nederland, Nordea Markets and Rabo Securities are acting as co-managers.
The Bonds are expected to be settled on or around 3 March 2010.
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