Brief: Nordic Shipholding Signs Deal For Extension Of Loan Facility

Nordic Shipholding A/S

11/12/2020 07:13

Dec 11 (Reuters) - Nordic Shipholding A/S  NORDIC.CO :
    * REG-COMPANY ANNOUNCEMENT 11/2020
    * AN AGREEMENT HAS BEEN REACHED WITH LENDERS FOR AN
EXTENSION OF
COMPANY'S LOAN FACILITY BY ANOTHER YEAR TO 31 DECEMBER 2021.
    * THIS LOAN EXTENSION AND RESTRUCTURING GIVES COMPANY MORE
TIME TO
EXPLORE VARIOUS SCENARIOS, INCLUDING POSSIBILITY OF A MERGER,
THAT TO DATE HAVE BEEN NEGATIVELY IMPACTED BY EFFECTS OF
COVID-19 PANDEMIC.
    * RESTRUCTURING ALSO CONTAINS DEADLINES FOR ABOVE ACTIONS TO
BE
COMPLETED WITHIN FIRST HALF OF 2021.
    * IN ORDER TO CONCLUDE RESTRUCTURING, COMPANY HAS AGREED TO
PURSUE
SALE OF TWO VESSELS, I.E. NORDIC HANNE AND NORDIC PIA
    * TCE REVENUE FOR 2020 IS FORECAST TO REMAIN IN REGION OF
USD 27.0
MILLION TO USD 29.0 MILLION, UNCHANGED FROM PREVIOUS
ANNOUNCEMENT.
    * GROUP'S FORECASTED EBITDA FOR 2020 IS IN RANGE OF USD 13.0
MILLION - USD 15.0 MILLION, UNCHANGED FROM PREVIOUS
ANNOUNCEMENT.
    * 2020 RESULT BEFORE TAX IS FORECAST TO BE A LOSS OF USD 7.0
MILLION - USD 9.0 MILLION REVISED DOWNWARDS FROM A LOSS OF USD
5.0 MILLION - USD 7.0 MILLION

Source text for Eikon:  ID:nGNE9QpDGq 
Further company coverage:  NORDIC.CO 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 772 0920;))