Sea Trucks buys back bondsCompany News // November 24, 2014
Sea Trucks Group has completed a buy back of US$2 million par value bonds.
Following the purchase, the bonds will be cancelled in line with an agreement with the Trustee, (Nordic Trustee) for the purpose of releasing two vessels from the bond security package, namely Jascon 1 and Jascon 47.
The vessels are being taken out of the security package so that they can be transferred to STG’S Nigerian affiliate and Nigerian flagged, further enhancing the group’s offering in Nigeria.
At present, the outstanding amount of Sea Trucks Groups bonds is US$573 million.
Jascon 1 and 47 have a combined market value of US$2.475 million. Following the planned addition of certain newbuildings and the release of the Jascon 1 and 47, the most recent valuation of the vessels currently secured against this facility is US$911.6 million.