Polarcus Limited: Polarcus successfully completes new senior unsecured bond issue

 Polarcus Limited: Polarcus successfully completes new senior unsecured bond
                                    issue

Reference is made to the stock exchange notice published by Polarcus Limited
("Polarcus" or the "Company") (OSE: PLCS) on 24 June 2014 regarding the
contemplated new senior unsecured bond issue.



Polarcus has successfully completed a new NOK 350 million senior unsecured
bond. The coupon is 3 month NIBOR + 7.25% and the Company will swap the issued
amount into USD floating rate obligations, providing a current all in USD
funding cost of 7.73%. Settlement is expected to take place on 8 July 2014 and
the bonds will have a 5 year tenor. An application will be made for the bonds
to be listed on the Oslo Stock Exchange.



In connection with the new bond issue, the Company has repurchased USD 9.4
million of the PLCS02 bond issue. Remaining net proceeds from the bond issue
will be used to refinance the NOK 226 million outstanding under the NOK 230
million PLCS01 bond issue.



This bond issue extends Polarcus' bond maturity profile significantly and
reduces the cost of capital with an updated bond structure.



ABG Sundal Collier, DNB Markets, Pareto Securities, and Swedbank Norway are
joint managers for the bond issue, while DVB Bank SE acted as financial
advisor to the Company.



Contacts



Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480



About Polarcus



Polarcus (OSE: PLCS) is a pure play marine geophysical company with a
pioneering environmental agenda, specializing in high-end towed streamer data
acquisition from Pole to Pole. Polarcus operates a fleet of high performance
3D seismic vessels incorporating an innovative design and advanced maritime
technologies for improved safety and efficiency. Polarcus offers contract
seismic surveys and multi-client projects worldwide and employs over 500
professionals. The Company's principal office is in Dubai, United Arab
Emirates. For more information, visitwww.polarcus.com





This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
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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: Polarcus Limited via Globenewswire
HUG#1802610
 
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