Brief: Solstad Shipholding Reaches Deal For Overall Refinancing Solution

Amsc ASA

23/10/2023 07:08

Oct 23 (Reuters) - Solstad Offshore ASA  SOFF.OL :
    * SOLSTAD SHIPHOLDING HAS REACHED AGREEMENT WITH AKER ASA ,
AMSC
ASA, DNB BANK ASA AND EXPORT FINANCE NORWAY FOR OVERALL
REFINANCING SOLUTION
    * SUCCESSFUL REFINANCING OF SOLSTAD'S FLEET LOAN MATURING 31
MARCH
2024
    * AKER WILL CONTRIBUTE MINIMUM NOK 2.25 BILLION IN EQUITY IN
A NEW
ENTITY TO BE ESTABLISHED ("SOLSTAD NEWCO") BELOW SOFF
    * SHAREHOLDERS IN SOFF WILL BE OFFERED TO SUBSCRIBE NEW
SHARES IN
SOLSTAD NEWCO TO RAISE GROSS PROCEEDS OF NOK 750 MILLION
    * AMSC WILL CONTRIBUTE 100 PERCENT OF SHARES IN ENTITY
OWNING CSV
NORMAND MAXIMUS VALUED AT NOK 1.0 BILLION AGAINST RECEIVING NEW
SHARES IN SOLSTAD NEWCO
    * NEW FLEET LOAN OF NOK 9.7 BILLION UNDERWRITTEN BY DNB AND
EKSFIN
    * MATURITY OF RESIDUAL CLAIM RELATING TO CSV NORMAND MAXIMUS
EXTENDED SIMILARLY TO MATURITY OF NEW CREDIT FACILITIES
    * CONTINUES TO OPERATE AS TODAY WITH NO EFFECT ON EMPLOYEES
AND
CLIENTS
    * REFINANCING INCLUDES ESTABLISHING NEW CORPORATE STRUCTURE
BY
CONTRIBUTION IN KIND OF CERTAIN SUBSIDIARIES AND ACTIVITIES OF
SOLSTAD
    * REFINANCING INCLUDES PRIVATE PLACEMENT DIRECTED TOWARDS
AKER,
RAISING GROSS PROCEEDS OF NOK 2.25 BILLION IN CASH AGAINST
ISSUANCE OF NEW SHARES IN SOLSTAD NEWCO
    * 2 NORWEGIAN LIMITED LIABILITY COS WILL BE ESTABLISHED AS
PART OF
REFINANCING WHERE SOLSTAD NEWCO WILL SERVE AS PARENT CO FOR NEW
STRUCTURE

Source text for Eikon:  ID:nWkrb5n5Y7 
Further company coverage:  SOFF.OL 

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