Norwegian vessel owner Volstad Maritime said it has established a fully-funded refinancing plan for the company and certain of its subsidiaries that in principle is supported by the Group’s secured bank lenders.
The company and its key stakeholders have for some time been working on refinancing of the Group’s financial debt, including the redemption of Volstad Subsea’s bond issue falling due July 05, 2017.
In June last year Volstad Subsea secured the extension of maturity date of the NOK 600 million ($72 million) bond loan by 12 months, expiring today.
Volstad expects that a binding agreement for the refinancing will be in place shortly. On this basis, Volstad Subsea’s expectation is that the bonds nevertheless will be redeemed in full, within applicable deadlines of the financial documents of the bonds by mid-August 2017.
The Oslo-listed firm also noted that the refinancing and redemption are subject to the agreement of definitive documentation, credit committee and certain other approvals and other customary conditions.