Volstad Strikes Refinancing Deal

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.

Share this article

Follow Subsea World News


<< Nov 2017 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Underwater Intervention 2018

UI 2018 will draw the industry’s leaders from across the country and around the globe to gather for 3 days of networking…

read more >


The conference will build upon previous sell-out events and will encompass numerous keynote sessions all focused on the latest decommissioning…

read more >

Subsea Connect Americas

Subsea Connect Americas is the annual gathering for the submarine communications industry operating in North, South & Central America…

read more >

Future Energy Asia Exhibition & Conference (FEA) 2018

The transformation and development of Thailand is a major priority for the government which creates incredible business opportunities…

read more >