Akastor Secures New Financing Agreement

Kristian Røkke, Akastor's chief executive officer

Norwegian oilfield services investment company, Akastor, has reached an agreement with its bank syndicate on main terms and conditions to amend and extend its current bank facilities until July 2019.

Namely, the existing bank facilities, maturing 2017, will be replaced by a USD 422.5 million reducing revolver facility (Facility A), maturing in July 2019.

In addition, Akastor has reached an agreement on main terms and conditions with DNB, Nordea and SEB for a new NOK 362.5 million revolving facility (Facility C) to mature in July 2017.

The existing NOK 2.0 billion revolving facility (Facility B) is still maturing on July 2019.

According to Akastor, the new financing structure applies to all facilities and is based on existing loan agreement with the following new terms:

– A NOK equivalent reduction of Facility A or/and B of 600 million two years after signing the new loan agreement;

– New margin grid between 1.65% and 4.50% p.a. depending on the leverage ratio and the utilization of the facilities;

– New minimum liquidity covenant of NOK 750 million;

– Certain restrictions on dividends, new debt and acquisitions;

– New interest cover ratio for the reporting period 4Q 2015 until 1Q 2017 as follows:

The loan agreement is expected to be signed in 1Q 2016, the company said in Thursday’s Oslo Stock Exchange filing.

Share this article

Follow Subsea World News

Events>

<< Feb 2018 >>
MTWTFSS
29 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 1 2 3 4

FPSO Roundtables 2018

The entire FPSO value chain is now critically aware of how conventional modes of cooperation and project delivery must change in light…

read more >

4th FPSO Europe Congress 2018

Welcome to the 4th FPSO Europe Congress, the region’s largest platform for oil companies, FPSO contractors, investors and solution providers…

read more >

Arabia 2018 Conference and Exhibition

Offshore Arabia is a focused prestigious meeting place of the Offshore Industry, and it’s diverse spectrum from the Oil & Gas…

read more >

IADC/SPE Drilling Conference and Exhibition

The conference is co-hosted by the International Association of Drilling Contractors (IADC) and the Society of Petroleum Engineers (SPE)…

read more >