Brief: Siem Offshore Provides Company Update

Sea1 Offshore

22/01/2021 07:05

Jan 22 (Reuters) - Siem Offshore Inc  SIOFF.OL :
    * COMPANY UPDATE
    * IN FINAL STAGES OF TALKS WITH EUROPEAN BANKS AND EXPECTS
TO SIGN
A FORMAL TERM SHEET FOR RESTRUCTURING OF GROUP'S CREDIT
AGREEMENTS
    * OBTAINED CONFIRMATION FROM KEY BONDHOLDERS REPRESENTING A
SUBSTANTIAL SHARE OF ALL BONDS THAT THEY SUPPORT RESTRUCTURING
PROCESS
    * EUROPEAN BANKS HAVE CONFIRMED THEIR SUPPORT OF BOND
RESTRUCTURING PROPOSAL.
    * TERMS OF RESTRUCTURING INCLUDE:  TOTAL EQUITIZATION OF
APPROXIMATELY USD 268 MILL OF DEBT, INCLUDING:
    * BOND DEBT: USD 129 MILL
    * SECURED BANK DEBT: USD 132 MILL
    * HEDGING LIABILITIES: USD 7 MILL
    * SIOFF 01 BONDS WILL RECEIVE A PAYMENT OF USD 4 MILLION,
    * RESIDUAL CLAIM WILL BE CONVERTED TO EQUITY IN COMPANY.
    * EXTENSION OF MATURITY FOR SECURED FACILITIES WITH ORIGINAL
MATURITY DATE BEFORE 31 DECEMBER 2024
    * EQUITIZED DEBT WILL BE CONVERTED TO SHARES AT A PRICE OF
NOK
0.10 PER SHARE.
    * EXISTING SHARES TO REPRESENT ABOUT 4%, AND CONVERTED DEBT
WILL
REPRESENT AT ABOUT 96% OF COMPANY'S SHARES AFTER RESTRUCTURING.
    * UPON COMPLETION OF RESTRUCTURING, SIEM INDUSTRIES INC. IS
EXPECTED TO HOLD APPROXIMATELY 30% OF COMPANY'S SHARES

Source text for Eikon:  ID:nObiVWMhda 
Further company coverage:  SIOFF.OL 

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