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May 26, 2010

Aban Offshore to Raise Cash to Pay Debts

India's Aban Offshore is planning to raise as much as $924m through convertible bonds and shares to repay its debts following the sinking of a Venezuelan natural gas platform last week. The money will be used to repay debts and bonds after Aban Pearl, a natural gas platform leased by Ab

By cms admin

India’s Aban Offshore is planning to raise as much as $924m through convertible bonds and shares to repay its debts following the sinking of a Venezuelan natural gas platform last week.

The money will be used to repay debts and bonds after Aban Pearl, a natural gas platform leased by Aban’s unit to Petroleos de Venezuela SA, sank on 13 May.

The company said it will raise about $400m selling bonds and shares overseas and will also sell $524m of equity-related securities to large investors.

The company aims to raise $400m by issuing foreign currency convertible bonds, global depository receipts and US depository receipts from international markets, Aban said.

Aban Offshore’s sales may decline by as much as 15% after the sinking of its rig, according to industry analysts.

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