Agreement In Principle On Refinancing Solution, Launch Of Private Placement

Archer

06/03/2023 15:34

March 6 (Reuters) - Archer Ltd  ARCHA.OL :
    * AGREEMENT IN PRINCIPLE ON REFINANCING SOLUTION AND LAUNCH
OF
PRIVATE PLACEMENT OF MINIMUM $100 MILLION IN NEW EQUITY.
    * REFINANCING SOLUTION INCLUDES A NEW SENIOR 1(ST) LIEN
FACILITY
OF USD 260 MILLION, A NEW USD 200 MILLION 2(ND) LIEN BOND,
CONVERSION OF OUTSTANDING CONVERTIBLE BOND TO EQUITY AND
ISSUANCE OF A MINIMUM USD 100 MILLION OF NEW EQUITY
    * REFINANCING REPRESENTS A CONTEMPLATED PRO-FORMA NET DEBT
OF USD
413 MILLION
    * CONSOLIDATED NET DEBT PACKAGE IS EXPECTED TO BE LESS THAN
20% OF
COMPANY'S CURRENT REVENUE BACKLOG
    * TOTAL FINANCING PACKAGE HAVE AN ESTIMATED CASH COST OF
SOFR +
4.3%, PENDING ACTUAL LEVERAGE RATIO, AND TOTAL COST, INCLUDING
PIK ELEMENT ON 2(ND) LIEN BOND, OF SOFR + 6.5%

Source text for Eikon:  ID:nWkrbs9rd2 
Further company coverage:  ARCHA.OL 

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