Brief: Axxis Geo Solutions: Completion Of Restructuring

Fjord Defence ASA

16/07/2020 07:15

July 16 (Reuters) - Axxis Geo Solutions ASA  AXXI.OL :
    * COMPLETION OF RESTRUCTURING
    * COMPANY HAS REACHED AGREEMENT WITH ITS KEY CREDITORS TO
CONVERT
MORE THAN USD 34 MILLION OF OUTSTANDING TRADE OBLIGATIONS INTO
LOAN AGREEMENTS
    * AGREEMENT WILL REDUCE COMPANY'S SHORT-TERM LIABILITIES AND
SIGNIFICANTLY STRENGTHEN COMPANY'S WORKING CAPITAL
    * NEW ARRANGEMENTS HAVE BEEN AGREED: USD 24.7 MILLION OF
ACCOUNTS
PAYABLE CONVERTED INTO A TRADABLE AND SECURED TWO-YEAR BOND LOAN
    * 4% PER ANNUM SHALL BE PAID IN CASH AND EITHER 4% PER ANNUM
IN
CASH OR 4.4% AS ADDITIONAL BONDS PAYMENT-IN-KIND), AT ISSUER'S
OPTION - CONVERSION OF USD 9.5 MILLION OF ACCOUNTS PAYABLE INTO
UNSECURED LOAN AGREEMENTS
    * NEW ARRANGEMENTS HAVE BEEN AGREED: MATURITY ON NOTE
PAYABLE TO
TGS EXTENDED FROM SEPTEMBER 2020 TO JUNE 2021
    * INTEREST RATE OF 4% PER ANNUM O AMORTIZATION SCHEDULE
IMPLYING
REPAYMENT BY JANUARY 2022 O USD 1.4 MILLION AND USD 1.7 MILLION
AMORTIZATION IN Q3 AND Q4 2020, RESPECTIVELY O USD 1.6 MILLION
AMORTIZATION FOLLOWING QUARTERS
    * WITH AGREED RESTRUCTURING PLAN, COMPANY IS WELL POSITIONED
FOR
FUTURE BUT WILL BE DEPENDENT ON SECURING ADDITIONAL REVENUES
GOING FORWARD

Source text for Eikon:  ID:nNDLbd5lvB 
Further company coverage:  AXXI.OL 

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