The senior unsecured Bonds are convertible into common shares of the Company. The Bonds are expected to have an annual coupon in the range of 3.625 per cent - 4.625 per cent payable semi-annually in arrear and a conversion premium of 30 per cent - 35 per cent over the volume weighted average price of the Company's shares on the Oslo Stock Exchange (converted into EUR) 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.
The Bonds are expected to be settled on or around 3 March 2010. The Bonds will not be listed on issue but Marine Harvest may decide to list the Bonds on an exchange at a later stage.
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.
ABG Sundal Collier, Credit Suisse and J.P. Morgan are acting as joint bookrunners.
This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for any securities of Marine Harvest.
Marine Harvest expects to announce the final terms and conditions related to the convertible bond transaction on 24 February 2010.
Marine Harvest Offers 200 million Convertible Bond
NORWAY - Marine Harvest ASA has announced that it intends to issue up to 225 million in principal amount of convertible bonds with a five-year tenor. This amount includes an increase option (in respect of up to 25 million in principal amount of Bonds) that has been granted to the joint bookrunners of the offering.
