Brief: Exmar Announces Further Delays For Tango FLNG Loan Facility

EXMAR NV

13/02/2020 18:15

Feb 13 (Reuters) - EXMAR NV  EXMR.BR :
    * ANNOUNCES TODAY THAT THE OUTBREAK OF THE (COVID-19)
CORONAVIRUS
IN CHINA CAUSES FURTHER DELAYS IN FULFILLING ALL THE CONDITIONS
PRECEDENT FOR THE RELEASE BY BANK OF CHINA OF USD 40 MILLION
FROM THE DEBT SERVICE RESERVE ACCOUNT (DSRA) UNDER THE TANGO
FLNG LOAN FACILITY
    * THESE CONDITIONS PRECEDENT ARE MERELY ADMINISTRATIVE
POINTS THAT
CANNOT BE SOLVED UNTIL THE OFFICES FROM THE CHINESE AUTHORITIES
OFFICIALLY RE-OPEN
    * DEVELOPMENTS IN THIS FILE ARE CLOSELY FOLLOWED AND EXMAR
WILL
GIVE FURTHER UPDATE WITHIN FORESEEABLE FUTURE
    * REFERRING TO EXMAR’S COMMUNICATION OF 23 JANUARY 2020
    * UNDER ONGOING ARBITRATION PROCEDURE ON FSRU BARGE WITH
GUNVOR,
FINANCING OF THE ASSET COULD NOT BE COMPLETED AT THIS STAGE OF
THE PROCEDURE
    * FSRU: EXMAR OBTAINED FURTHER EXTENSION OF ITS BRIDGE LOANS
UNTIL
END OF FEBRUARY AND OF CERTAIN OTHER CAPITAL EXPENDITURE UNTIL
MID-MARCH

Source text for Eikon:  ID:nNDL8bsMcH 
Further company coverage:  EXMR.BR 

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