BOURBON has successfully placed its first hybrid bond for €100 million

Paris, October 24, 2014

BOURBON has successfully placed its first hybrid bond issue for €100 million

BOURBON has announced the completion of its first bond issue for €100 million of perpetual deeply-subordinated notes (Titres Super Subordonnés à Durée Indéterminée - TSSDI). This issue has produced keen interest among European professional investors and French portfolio management companies.

These perpetual notes, accounted for as equity under IFRS standards, are callable by BOURBON at par starting in October 2017. They bear a fixed semi-annual coupon of 4.70% for the first 3 years, payment of which is mandatory if dividends are paid.

"After having consolidated the group's shareholders with the successful tender offer launched by historical shareholder JACCAR Holdings last July, with this new hybrid bond issue, we are pursuing the optimization of BOURBON's capital structure and solidifying our financial position in accordance with our Transforming for Beyond action plan", indicates Jacques de Chateauvieux, Chairman of the Board.

The operation was conducted by Oddo & Cie, with advice being provided by White & Case LLP and is listed on the unregulated Alternext market.

About BOURBON

Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 11,000 skilled employees. Through its 28 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.

BOURBON provides two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.

In the 1^st half of 2014, BOURBON's revenue came to €642.6 million and the company operated a fleet of 501 vessels as of June 30, 2014. Under the "BOURBON 2015 Leadership Strategy" plan, the group has built a vast fleet of innovative, high-performance mass produced offshore vessels.

The latest action plan "Transforming for beyond", financially provides for the sale of existing vessels or those under construction totaling $2.5 billion and then chartering these bareboat vessels over a period of 10 years. The first part of the program involved a contract for 51 vessels worth $1.5 billion with ICBC Financial Leasing. Through the "Transforming for beyond" action plan, BOURBON intends to expand its strategic scope to new possibilities beyond 2015 ensuring the creation of future value growth.

Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment A.

Contacts

 

BOURBON

Investor Relations, analysts, shareholders
James Fraser, CFA
[phone]
[e-mail]

Corporate Communications
Christelle Loisel
[phone]
[e-mail]

 

Media relations agency
Publicis Consultants

Jérôme Goaer
[phone]
[e-mail]
Véronique Duhoux
[phone]
[e-mail]
Vilizara Lazarova
[phone]
[e-mail]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOURBON via Globenewswire

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