Solstad Financing Approved, Strikes Deal for Normand Maximus

Oslo-listed vessel owner Solstad informed today that banks have approved its financing plan on terms satisfactory to Norwegian industrial investment company Aker.

Namely, Aker will inject NOK 250 million in new equity and provide NOK 250 million in the form of a subordinated convertible bond, with maturity in 2021, which can be converted into new shares in Solstad or in a subsidiary of Solstad.

In addition, the company confirmed it has entered into an earlier proposed sale-and-leaseback agreement for the vessel Normand Maximus.

To remind, the offshore subsea construction vessel has secured work with Saipem on an 8-year charter agreement.

“All conditions for completion of the share capital increase and the issuance of the convertible loan, subscribed 31 August 2016, are now met,” Solstad said in Oslo Exchange notice on Friday.

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