EMGS: Replacement of Reference Rate
27 Junho 2023 - 12:00PM
EMGS: Replacement of Reference Rate
Reference is made to Electromagnetic Geoservices ASA’s (“EMGS”
or the “Company”) outstanding convertible bond issue Elec ASA 18/25
FRN USD FLOOR STEP C CONV (“EMGS03”) issued under ISIN
NO0010821010.
Under the bond terms for EMGS03, dated 9 May 2018 and as amended
through an amendment agreement dated 10 February 2022, the Interest
Rate payable by the Company consists of the Reference Rate plus the
Margin (both as defined in the bond terms). The Reference Rate
refers, in principle, to 3M US-LIBOR.
The 3M US-LIBOR will not be available after 30 June 2023, and
the Bond Trustee and Issuer have therefore agreed to replace the
existing reference rate with the Compounded Daily SOFR plus a
credit adjustment spread of 0.26161 per cent per annum, to be
effective from and including the interest period which ends in
November 2023.
Contact Anders Eimstad, CFO, +47 948 25 836
This information is subject to the disclosure requirements in
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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