NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange releases published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 26 February 2018 and on 13 March 2018 regarding the write down of unsecured bonds to 2018 call prices (the "Bond Write Down") and the voluntary conversion of bond debt to equity (the "Bond Conversion") which has now been completed.
The unsecured tranches under each of the bond issues will be merged into one tranche. As a result of this merger, there will be two tranches under the convertible bond loan and one tranche under each of the NOK and USD unsecured bond loans.
The merger will be implemented by the follow ISIN conversions:
- Bonds with ISIN NO0010757271 will be converted into ISIN NO0010757263 on a 1 to 1 ratio
- Bonds with ISIN NO0010757248 (ticker PLCS02-B) will be converted into ISIN NO0010680150 (ticker PLCS02) on a 1 to 1 ratio
- Bonds with ISIN NO0010757255 (ticker PLCS03-B) will be converted into ISIN NO0010714389 (ticker PLCS03) on a 1 to 1 ratio
The record date for the transactions is today 14 March 2018, meaning that today will be the last trading day and settlement date of the bonds listed under tickers PLCS02-B and PLCS03-B.
Following the Bond Write Down, the Bond Conversion and the merger of tranches described above, Polarcus will have the following bonds outstanding:
| Issue | ISIN | Ticker | Currency | Amount |
| Convertible bond - Tranche A | NO0010607435 | USD | 69,580,000 | |
| Convertible bond - Tranche B | NO0010757263 | USD | 3,555,354 | |
| Unsecured USD bond | NO0010680150 | PLCS02 | USD | 13,116,617 |
| Unsecured NOK bond | NO0010714389 | PLCS03 | NOK | 53,514,847 |
Thus, excluding own bonds held by Polarcus of USD 3,290,000, the Company has approximately USD 90 million of bonds outstanding.
Contacts
Caleb Raywood, Company Secretary
+971 4 4360 816
company.secretary@polarcus.com
Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com
About Polarcus
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs approximately 350 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com