North Atlantic Drilling Ltd.: Launch of Amendment Process for NADL NOK 1.5 Billion Bond Maturing in 2018
(Thomson Reuters ONE) -
Hamilton, Bermuda, January 22, 2015 - North Atlantic Drilling ("NADL" or the
"Company") announces the launch of an amendment process whereby Seadrill Limited
will provide a guarantee for the Company's NOK 1.5 billion bond maturing in
2018, in exchange for some amendments to the bond covenant package, namely
replacing the NADL's current financial covenants with Seadrill's financial
covenants from Seadrill's NOK denominated bonds. The Summons to Bondholders'
Meeting will be posted at the Nordic Trustee's website: www.stamdata.no
Concurrent with the amendment process for the Bond Agreement, NADL has also
launched an amendment process for its secured credit facilities whereby Seadrill
Limited will provide a guarantee. Successful conclusion of this process will
amend the terms of the loan agreements to align with the terms set forth in
Seadrill Limited's loan agreements. The Company's lenders have been supportive
thus far and we expect successful conclusion of this amendment in the weeks to
come.
A summons has been issued for a Bondholders' meeting to commence on February
5, 2015 at 1pm Central European time at the premises of the Nordic Trustee ASA,
Haakon VII gate 1, 0161 Oslo - 6th floor.
The Issuer has engaged DNB Bank ASA, DNB Markets as the Issuer's financial
advisor (the "Advisor") with respect to the Proposal. Accordingly, Bondholders
may contact DNB Markets Fixed Income Sales at +47 24 16 90 30 for further
information.
FORWARD LOOKING STATEMENTS
The statements described in this presentation that are not historical facts are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-
looking statements which could be made include, but are not limited to,
statements involving prospects for the Company, expected revenues, capital
expenditures, costs and results of operations and contingencies and other
factors discussed in the Company's most recent annual report on the Form 20-F
for the year ended December 31, 2013 and in the Company's other filings with the
SEC, which are available free of charge on the SEC's website at www.sec.gov.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those indicated. All subsequent written and oral forward-looking statements
attributable to the Company or to persons acting on our behalf are expressly
qualified in their entirety by reference to these risks and uncertainties. You
should not place undue reliance on forward-looking statements. Each forward-
looking statement speaks only as of the date of the particular statement, and we
undertake no obligation to publicly update or revise any forward-looking
statements.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: North Atlantic Drilling Ltd. via GlobeNewswire
[HUG#1888755]
Unternehmensinformation / Kurzprofil:
Datum: 22.01.2015 - 08:55 Uhr
Sprache: Deutsch
News-ID 366167
Anzahl Zeichen: 3816
contact information:
Town:
Stavanger
Kategorie:
Business News
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