Contemplated financial restructuring to improve debt repayment profile
(Thomson Reuters ONE) -
Cyprus, 27 January 2011:
Reference is made to announcement made today regarding the strategic cooperation
with PGS for deep water node seismic and the NOK 240 million Convertible Loan to
PGS. To establish a solid financial platform SeaBird Exploration PLC (the
"Company" or "SeaBird") has also negotiated a 2 year extension with selected
holders ("Bondholders") of the NOK 400m bond loan, FRN SeaBird Exploration Ltd
Callable Bond Issue 2007/2012 (ISIN 001 035391.5) with maturity 14 February
2012 (the "Bond Loan") (the "Restructuring").
Bondholders representing 60% of the outstanding Bond Loan have confirmed that
they will support the Restructuring in the bondholders' meeting.
The loan Restructuring consist of certain amendments of the Bond Loan whereby
(i) the maturity date of the Loan is being extended with two
years from 14 February 2012 to 14 February 2014,
(ii) the interest rate is increased from NIBOR plus 4.50
percentage points payable in cash to NIBOR plus 6.50 percentage points payable
in cash and an additional plus 2.00 percentage points payable in cash or in the
form of additional bonds at the discretion of the Company (the "PIK Interest"),
(iii) the existing dividend restriction of the Bond Loan agreement
is being amended so as to not allow dividends or other distributions as defined
therein until maturity of the Bonds,
(iv) call options for the Borrower to redeem the Bond Loan (plus
any accrued interest) at 106% of par value at the interest payment date in
February 2012 and at 103% of par value at the interest payment date in February
2013 are introduced and
(v) the bonds are being split so that 1 bond of NOK 500,000
denomination shall be converted to 500,000 Bonds of NOK 1 to facilitate the PIK
Interest.
Conditions precedent for the Restructuring to be effective shall be that the
Company obtains (i) approval from certain lenders to extend the maturity of the
Company's current secured facility with no less than two years, (ii) approval
from Perestroika to extend the maturity of the Company's current convertible
loan with Perestroika with no less than one year and (iii) an agreement with
Petroleum Geo-Services ASA concerning a five year, no less than NOK 240 million
convertible loan to the Company.
A bondholders' meeting where SeaBird proposes the Restructuring of the Bond Loan
is expected to be held before the extraordinary general meeting where the
shareholders will vote over the authorization to issue shares as required for
the Convertible Loan to PGS in relation to the cooperation agreement. In order
for the bondholders' meeting to make a valid decision, Bondholders representing
at least 50% of the Bond Loan must be represented and 2/3 of the bonds
represented must vote in favor of the Restructuring.
Through completion of this restructuring, SeaBird will dramatically improve its
debt repayment profile through 2012 and 2013.
For further queries, please contact:
Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075
Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: +47 920 51 455
- - -
SeaBird Exploration PLC "SeaBird" is a global provider of marine solutions for
seabed acquisition of 3D/4C/4D multimode seismic data with OBN operations,
marine 2D and 3D seismic data, 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). 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).
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
[HUG#1482835]
Unternehmensinformation / Kurzprofil:
Datum: 27.01.2011 - 09:13 Uhr
Sprache: Deutsch
News-ID 50783
Anzahl Zeichen: 5719
contact information:
Town:
Oslo
Kategorie:
Business News
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"Contemplated financial restructuring to improve debt repayment profile"
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