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Conyers advised BW Offshore Limited on its US$297.4 million bond issuance.
The initial conversion price of US$10.24 corresponds to a conversion premium of 37.5% over the volume weighted average price of the Shares on the Oslo Stock Exchange (converted at the prevailing USD: NOK spot rate at closing of trading today, equal to NOK 9.1921 / US$ 1.00) between opening and closing of trading today.
The Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, be converted or purchased and cancelled, mature on 12 November 2024.
Director Sophia Greaves and Associate, Katie Martin of Conyers’ Bermuda office advised on this matter.