Petroleum Geo-Services Prices $250 Million Senior Unsecured Notes.HOUSTON and OSLO, Norway--(BUSINESS WIRE)--Nov. 13, 1998-- Petroleum Geo-Services ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and (NYSE NYSE See: New York Stock Exchange :PGO PGO Public Guardianship Office (UK) PGO Ponto-Geniculo Occipital (burst neurons) PGO Project on Government Oversight PGO Pass Grade Only (academics) ; OSE OSE - Open Systems Environment :PGS PGS Pages PGS Petroleum Geo-Services PGS Planning Gain Supplement (UK land tax) PGS Parallel Giant Slalom (skiing and snowboarding competitions) PGS Plant Genetic Systems (Belgium) ) announced that it priced a Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. offering of senior unsecured notes totaling $250 million. The Company's $250 million Senior Unsecured Notes, due 2003, will have a coupon rate Coupon rate In bonds, notes, or other fixed income securities, the stated percentage rate of interest, usually paid twice a year. of 6.25% and were priced at 99.56% to yield 6.354%. This transaction is expected to close on Nov. 19, 1998. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering totaling approximately $247 million will be used to repay indebtedness outstanding under the Company's bank credit facilities. The Senior Unsecured Notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration. In addition, the Senior Unsecured Notes may not be offered in the Kingdom of Norway in any way that would constitute an offer to the public. The Company will file a registration statement under the Securities Act of 1933 under which these unregistered Senior Unsecured Notes will be eligible for exchange into registered notes with identical terms. Any such exchange will be made only by means of a prospectus. Petroleum Geo-Services is a technologically focused oilfield service company involved in the business of acquiring, processing, managing and marketing 3D and 4D marine seismic data. Such data is used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. The Company also provides floating production systems, offshore management services, data management solutions, 4D and 4C reservoir monitoring and characterization studies and other specialized geophysical services. PGS operates on a worldwide basis with headquarters in Houston, Texas and Oslo, Norway. The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical and future trends, on general economic and business conditions and on numerous other factors, including expected future developments, many of which are beyond the control of the Company. Such forward-looking statements are also subject to certain risks and uncertainties as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, the Company's actual results may differ materially from those indicated in or implied by such forward-looking statements. |
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