DOF ASA News
Update on conditions for completion of the private placement
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DOF ASA - Update on conditions for completion of the private placement
Reference is made to the stock exchange announcement by DOF ASA ("DOF" or the "Company") dated 28 November 2017 regarding the successful placing of a conditional private placement raising gross proceeds of NOK 500 million (the "Private Placement") and the stock exchange announcement by the Company dated 13 December 2017 regarding the bondholders' meeting held in DOFSUB07.
The completion of the Private Placement is subject to the following conditions being satisfied within 18 December 2017:
(i) the DOFSUB07 bondholder meeting approving an extension of the maturity of the bond loan from currently May 2018 to October 2019 for NOK 100 million of the bond loan and May 2020 for the remaining NOK 408 million of the bond loan, at an annual interest rate of NIBOR + 7% ; and
(ii) banks' credit committee approval of soft terms relating to the NOK 3.8 billion facility in DOF Rederi AS with a liquidity effect of approximately NOK 550 million and extension of a credit facility in DOF ASA from October 2019 until mid 2021.
The Company is pleased to announce that the above-mentioned conditions have been satisfied. As a result, the only remaining condition to be satisfied in order to complete the Private Placement is the approval of the Private Placement and the increase of the share capital required for the subsequent share offering by the extraordinary general meeting of the Company. The extraordinary general meeting will be held tomorrow, 19 December 2017, at 10:00 hours (CET).
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09