Marine Harvest offers US$303.6 million convertible bonds

Marine Harvest ASA has announced that it intends to issue up to EUR225 million (US$303.6 million) in principal amounts of convertible bonds with a five-year tenor.

This amount includes an increase option (in respect of up to EUR25 million in principal amounts of bonds) that has been granted to the joint bookrunners of the offering.

The senior unsecured bonds are convertible into common shares of the company. The bonds are expected to have an annual coupon in the range of 3.625% - 4.625% payable semi-annually in arrear and a conversion premium of 30% - 35% over the volume weighted average price of the company's shares on the Oslo Stock Exchange (converted into EUR) between launch and pricing.

The bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in 2015.

Marine Harvest has the right to call the Bonds after approximately three years if the value of the Marine Harvest shares underlying one bond on the Oslo Stock Exchange (translated into EUR) exceeds, for a specified period of time, 130% of the principal amount of a Bond.

The bonds are expected to be settled by March, but the bonds will not be listed on issue. However, Marine Harvest may decide to list the bonds on an exchange at a later stage.

The proceeds from the bonds will be used for general corporate purposes including the refinancing of certain of Marine Harvest Group's loans and the extension of the Group's debt maturity profile. ABG Sundal Collier, Credit Suisse and J.P. Morgan are acting as joint bookrunners.