SeaBird issues a Convertible Loan and restructures Bank Debt
(Thomson Reuters ONE) -
Cyprus, 16(th )September 2010:
SeaBird Exploration PLC ('SeaBird" or "SBX") is pleased to announce the issuance
of a NOK 120 million convertible, non-transferable loan in favour of Perestroika
AS as lender with three years maturity. The Loan may be converted into a maximum
of 35,820,895 shares in SeaBird, at any time up to 23(rd) August 2013 at a price
of NOK 3.35 per share. If the parties agree, accrued interest may also be
converted into shares in the company at the same conversion price. The loan
carries an interest rate of 1% per annum. The loan is unsecured, and is provided
for general corporate purposes.
SeaBird is also pleased to announce an offer from a bank consortium with BN Bank
as agent to restructure the present bank debt of USD 46.9 million as of 30 June
2010 to a repayment profile of five years, with a balloon after two years
(September 2012). The first quarterly instalment will take place in December
2010. The securities in three 2D seismic vessels are maintained, but with an
added security in the Nodes and Equipment in use on the OBN vessel the Hugin
Explorer. The loan carries an interest rate of three months US Libor plus a
margin of 4% per annum, and has normal front end fees.
The CEO, Mr. Tim Isden states: "The Board and Management of SeaBird are very
satisfied with this refinancing in place, whereby about USD 20 million through
the convertible loan has been provided to strengthen the working capital of
SeaBird and the instalment profile has been reduced from USD 6.3 million to USD
2.35 million per quarter"
For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075
Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: + 47 920 51455
- - -
SeaBird Exploration PLC (SeaBird) is a global provider of marine 2D and 3D
seismic data, solutions for seabed acquisition of 4C/4D multimode seismic and
associated products and services to the oil and gas industry. SeaBird
specializes in high quality operations within the high end of the source vessel
and 2D market, as well as in the shallow water 2D/3D market. Main focus for the
company is proprietary seismic surveys (contract seismic). SeaBird does not have
a multi-client data library. Main success criteria for the company are an
unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ),
combined with efficient collection of high quality seismic data.
All statements in this press release other than statements of historical fact
are forward-looking statements and are subject to a number of risks,
uncertainties and assumptions that are difficult to predict, and are based upon
assumptions as to future events that may not prove accurate. These factors
include SeaBird`s reliance on a cyclical industry and the utilization of the
company's vessels. Actual results may differ substantially from those expected
or projected in the forward-looking statements.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1444730]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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: SeaBird Exploration Ltd. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 16.09.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 42603
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contact information:
Town:
Oslo
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"SeaBird issues a Convertible Loan and restructures Bank Debt"
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