Global law firm Clifford Chance has advised Sea Trucks Group (“Sea Trucks”), the Nigerian oil and gas contractor, on its issuance of US$ 200 million secured pre-QPO guaranteed convertible bonds due 2015  The Bonds were offered to institutional investors and listed on the Singapore Stock Exchange. In the event of a Qualified Public Offering (“QPO”) the Bonds will, subject to bondholders electing to take cash, be automatically converted into shares of the relevant QPO company.     Sea Trucks, is one of the largest and fastest growing oil and gas marine contractors in West Africa.

Simon Sinclair, London capital markets partner said:

“We are very pleased to have advised on yet another prominent convertible bond issue.  This follows on from three notable issues for Emaar Properties, Electra Private Equity and Lukoil that the equity-linked team closed at the end of 2010. Our involvement in these transactions, underlines the strength and jurisdictional reach of our equity-linked practice.”

Simon Sinclair led the Clifford Chance team along with US securities law partner, Chris Walton. They were assisted by Patrick Dougherty, Joanne Pacewicz , Chris Yeoh and Matteo Sbraga.