Akastor ASA has reached an agreement with its bank syndicate on main terms and conditions to amend and extend its current bank facilities until July 2019.
The existing bank facilities, maturing 2017, will be replaced by a USD 422.5 million reducing revolver facility (Facility A), maturing in July 2019. In addition, Akastor has reached an agreement on main terms and conditions with DNB, Nordea and SEB for a new NOK 362.5 million revolving facility (Facility C) to mature in July 2017. The existing NOK 2.0 billion revolving facility (Facility B) is still maturing on July 2019.
The new financing structure applies to all facilities and is based on existing loan agreement with the following new terms:
- A NOK equivalent reduction of Facility A or/and B of 600 million two years after signing the new loan agreement
- New margin grid between 1.65% and 4.50% p.a. depending on the leverage ratio and the utilization of the facilities
- New minimum liquidity covenant of NOK 750 million
- Certain restrictions on dividends, new debt and acquisitions
- New interest cover ratio for the reporting period 4Q 2015 until 1Q 2017 as follows:
- A NOK equivalent reduction of Facility A or/and B of 600 million two years after signing the new loan agreement
- New margin grid between 1.65% and 4.50% p.a. depending on the leverage ratio and the utilization of the facilities
- New minimum liquidity covenant of NOK 750 million
- Certain restrictions on dividends, new debt and acquisitions
- New interest cover ratio for the reporting period 4Q 2015 until 1Q 2017 as follows:
4Q 15: 1,5
1Q 16: 0,7
2Q 16: 0,7
3Q 16: 0,7
4Q 16: 1,5
1Q 17: 3,0
2Q 17: 4,0
The loan agreement is expected to be signed in 1Q 2016.
For more information, please contact:
Tore Langballe
Head of Communications and Investor Relations
Tel: Office: +47 21 52 58 10
Mobile: +47 90 77 78 41
E-mail: tore.langballe@akastor.com
Head of Communications and Investor Relations
Tel: Office: +47 21 52 58 10
Mobile: +47 90 77 78 41
E-mail: tore.langballe@akastor.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.