DOF ASA News
All lending bank support long term debt NOK 3,8bn
Reference is made to the stock exchange release dated 6 June 2016 regarding a long term refinancing plan for the Company.
The Company has now received the required consents from all its lending banks regarding a new senior loan facility in DOF Rederi AS of NOK 3,8 billion.
The Company's banks will as part of the refinancing contribute with a 75% reduction of amortizations on the bank facilities in DOF Rederi AS and the 50%-owned DOF Deepwater AS for a three year period with a total liquidity effect of NOK 1,300 million.
The amended bank facilities are subject to documentation and conditions precedent satisfactory to the lenders and customary for similar transactions and conditional upon, inter alia, completion of the right issue and restructuring of the bond debt in DOF ASA.
The subscription period for the right issue started this week and Møgster Offshore AS has subscribed 750,000,000 offer shares for a total amount of NOK 750 million, cf. the mandatory notification of trade published on 11 July 2016, and the restructuring of the bond debt was approved by the bondholders in each of the DOF09, DOF10 and DOF11 bond issues on 5 July 2016.
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09