New Bank Facility established
(Thomson Reuters ONE) -
Reference is made to Songa Offshore SE's ("the Company") press release sent out
on 16 August 2010, regarding the new committed bank facility. The Company is
pleased to announce that the documentation is now finalized and the Loan
Agreement has been signed by all parties. Drawdown on the facility has taken
place today.
The new facility is in the amount of USD 532 million, split into a term loan of
USD 368 million and a revolving credit facility of USD 164 million. The new
facility is a 5 year loan with 20 equal installments.
This step completes the refinancing of the Company and the new bank facility
will reduce the repayment commitments going forward. Seen in combination with
the sale of the drillship Songa Saturn, the Company is now in a situation with a
comfortable cash balance and where the net debt is reduced to approximately USD
310 million. The mentioned revolving credit facility is undrawn for the time
being. The Company should therefore be well positioned to finance its
investment in the deep water segment through the investment in Deepwater Driller
Ltd, and to further look for other growth opportunities.
Limassol, 27 October 2010
Questions should be directed to:
Geir Karlsen, CFO +47 23 01 14 24 / +47 91 60 83 32
Tom Jebsen, Senior Vice President +47 23 01 14 31 / +47 90 74 79 97
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1456096]
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: Songa Offshore SE via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2010 - 17:17 Uhr
Sprache: Deutsch
News-ID 46765
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contact information:
Town:
Oslo
Kategorie:
Business News
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"New Bank Facility established"
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Songa Offshore SE (Nachricht senden)
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