Cecon Subsidiary Rever Secures Extension of Senior Bond Loans

Cecon ASA, through its subsidiary Rever Offshore AS, has signed an agreement that extend the maturity of the senior tranche A and tranche B bonds funded by certain funds and accounts managed by York Capital Management Global Advisors, LLC or its affiliates (York) up to 31th July.

The holder of the Tranche A Bonds and the Tranche B Bonds will receive an extension fee of USD 250,000 for the new 15-day extension period.

The agreement with York aligns repayment of the construction financing with the planned delivery of the Cecon Pride from the yard in Canada. Cecon Pride is completed for sea-trials, and is to go directly to the agreed contract in the Mediterranean after delivery from the yard.

Press Release, July 14, 2014

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