SDRL - Amendments to Secured Credit Facilities
(Thomson Reuters ONE) -
Hamilton, Bermuda, April 4, 2017 - Seadrill Limited ("Seadrill or the Company")
announces today that it has reached agreement with its banking group to extend a
series of key dates as part of the Company's ongoing restructuring efforts. The
Company has reached an agreement to extend the milestone to implement a
restructuring plan from 30 April to 31 July 2017 and also to extend the related
covenant amendments and waivers expiring on 30 June 2017 to 30 September 2017.
Finally, the Company has also received lender consent to extend the maturity
dates of the following three facilities:
1. The US$450 million credit facility maturing on 30 April 2017 will be
extended until 15 August 2017
2. The US$400 million credit facility maturing on 31 May 2017 will be extended
until 31 August 2017
3. The US$2.0 billion NADL credit facility maturing on 30 June 2017 will be
extended until 14 September 2017
These extensions provide additional time for the Company to further advance the
ongoing negotiations with its banks, potential new money investors, and the
advisers to the ad hoc committee of bondholders regarding the terms of a
comprehensive restructuring plan, which may include the infusion of new capital.
While no definitive terms have been reached, based on stakeholder and new money
investor feedback, as well as the Company's existing leverage, we currently
believe that a comprehensive restructuring plan will require a substantial
impairment or conversion of our bonds, as well as impairment, losses or
substantial dilution for other stakeholders. As a result, the Company currently
expects that shareholders are likely to receive minimal recovery for their
existing shares.
We expect the implementation of a comprehensive restructuring plan will likely
involve schemes of arrangement or chapter 11 proceedings, and we are preparing
accordingly. The Company's business operations remain unaffected by these
restructuring efforts and the Company will continue to meet its ongoing customer
and business counterparty obligations.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. These statements are made based
upon management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore involve a number of
risks, uncertainties and assumptions that could cause actual results to differ
materially from those expressed or implied in the forward-looking statements,
which speak only as of the date of this news release. Consequently, no forward-
looking statement can be guaranteed. When considering these forward-looking
statements, you should keep in mind the risks described from time to time in the
Company's filings with the Securities and Exchange Commission, including its
Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no
obligation to update any forward looking statements to reflect events or
circumstances after the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to time, and it
is not possible for the Company to predict all of these factors. Further, the
Company cannot assess the impact of each such factor on its business or the
extent to which any factor, or combination of factors, may cause actual results
to be materially different from those contained in any forward looking
statement.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Limited via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 04.04.2017 - 07:10 Uhr
Sprache: Deutsch
News-ID 534158
Anzahl Zeichen: 4557
contact information:
Town:
Hamilton
Kategorie:
Business News
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