The Africa Finance Corporation (AFC) has concluded a US$40 million investment in a secured four-year $200 million pre-QPO (qualifying public offering) guaranteed convertible bond, issued by Sea Trucks Group Limited. AFC is an anchor investor in this transaction. The secured bond will be listed on the Singapore Stock Exchange. Bond holders will have the option of converting their bonds into shares in the event of an initial public offering (IPO) by Sea Trucks, which satisfies certain conditions.
Established in Nigeria in 1977, Sea Trucks is one of the largest and fastest growing marine vessel contractors in West Africa. The company’s state-of-the-art new fleet of DP3 heavy-lift marine vessels offers the largest capacity and highest level of dynamic positioning available today. With these and its 172 offshore and inland marine support vessels, Sea Trucks provides marine services to oil and gas majors, leading oil and gas independents and other major companies in West Africa, Pacific Asia and Oceania.
Sea Trucks will use the proceeds of this bond issue to meet capital expenditure, primarily for the construction of new vessels, and for other corporate purposes. The bond is secured and coupons are paid semi annually.
“AFC is pleased to assist, in its role as anchor investor in this successful bond issuance,” says Andrew Alli, AFC President and CEO. “Sea Trucks is a company with origins and active operations in Nigeria. This is an opportunity for us to contribute to its growth and development into an international services group with worldwide operations and access to international capital markets.
Sea Trucks President & Chief Executive Jacques Roomans equally welcomed AFC’s investment in the bond issue. “We are delighted to have AFC support Sea Trucks as we move towards a possible IPO in the near future, opening up our capital to investment from African and International Investors,” Roomans noted.