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.
