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Luxor says controls 28 pct of Sevan through bonds
Mon Jun 8, 2009 2:43am EDT Email | Print | Share| Reprints | Single Page[-] Text [+]

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OSLO, June 8 (Reuters) - U.S.-based Luxor Capital Group has exercised its right to buy 24 million convertible bonds in Norwegian oilfield services firm Seven Marine, raising its total interest in Sevan to 28 percent of stock, Luxor said on Monday.

The 24 million convertible bonds can be converted into 45.92 million shares in Sevan Marine, or 23.41 percent of the outstanding shares, Luxor said in a statement.

In addition, Luxor holds about 8.99 million shares, or 4.59 percent of the share capital, it said.

"Following this acquisition, Luxor holds on behalf of funds managed by Luxor through its ownership of the shares and the convertible bonds an interest in 54,908,678 shares of Sevan, or 28.00 percent of the outstanding shares of Sevan...at the time of the acquisition," Luxor Capital Group LP said.

Luxor was already listed by Sevan Marine as its largest shareholder before the convertible bond deal.

Sevan Marine shares closed at 10.67 crowns, giving the company a market capitalisation of 2.6 billion Norwegian crowns ($404.3 million). Trade on the Oslo bourse resumes at 0700 GMT. ($1=6.431 Norwegian Crown) (Reporting by John Acher; editing by Simon Jessop)