EMGS: Extension of maturity date for convertible bond
January 27 2022 - 2:00AM
EMGS: Extension of maturity date for convertible bond
Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has
resolved to propose to the bondholders under the Company's
outstanding bond issue FRN Electromagnetic Geoservices ASA Senior
Unsecured Convertible Bonds 2018/2023 (“EMGS03”) to extend the
maturity date by 24 months from May 2023 to May 2025.
At the same time, the Company will also propose to increase the
EMGS03 interest margin (over the applicable reference rate) by 100
bps to 6.5 per cent.
Following the two successful voluntary bond buy-backs completed
by the Company in 2021, under which the Company repurchased a
combined total of approx. 80,000 bonds with an aggregate nominal
value of USD 8 million, the total outstanding amount under EMGS03
is approx. USD 24.5 million.
The proposal will be submitted to bondholders under the
procedure for written resolutions provided for under the bond
agreement. Bondholders representing a sufficient majority to
approve the proposal by way of a written resolution have already
indicated that they intend to vote in favour of the proposal.
Contact Anders Eimstad, CFO, +47 948 25 836
This information is published in accordance with the Norwegian
Securities Trading Act § 5-12.
About EMGS EMGS, the marine EM market leader,
uses its proprietary electromagnetic (EM) technology to support oil
and gas companies in their search for offshore hydrocarbons. EMGS
supports each stage in the workflow, from survey design and data
acquisition to processing and interpretation. The Company's
services enable the integration of EM data with seismic and other
geophysical and geological information to give explorationists a
clearer and more complete understanding of the subsurface. This
improves exploration efficiency and reduces risks and the finding
costs per barrel. CSEM technology can also be used to detect the
presence of marine mineral deposits (primarily Seabed Massive
Sulphides) and EMGS believes that the technology can also be used
to estimate the mineral content of such deposits. The Company is
undertaking early-stage initiatives to position itself in this
future market.
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