Refinancing and new dividend policy
(Thomson Reuters ONE) -
Prosafe has entered into a credit facility of USD 1.1 billion, whereof a
revolving facility of USD 620 million and term loan facility of USD 480 million.
The credit facility has been signed with a group of nine banks. The tenor is six
years with semi-annual reductions of USD 70 million and a balloon payment of USD
260 million. The credit facility is priced at USD 3 month LIBOR plus a credit
margin of 1.875 per cent.
The credit facility will be used to provide financing for fleet expansion and
the current upgrading of Safe Caledonia and Safe Astoria.
Following the successful refinancing, the board of directors has resolved to
adopt a new dividend policy. The level of dividend will reflect the underlying
financial development of the company, while taking account of opportunities for
further value creation through profitable investments. The new long-term
dividend policy is a distribution of up to 75 per cent of the consolidated net
profit paid the following year. The dividend will normally be distributed on a
quarterly basis.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 221.1 million in 2010.
The company operates globally, employs 500 people and is headquartered in
Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code
PRS. For more information, please refer to www.prosafe.com.
Larnaca, 25 August 2011
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 908 81 657
Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673
Cecilie Ouff, Finance and IR Manager
Prosafe AS
Phone: +47 991 09 467
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: Prosafe SE via Thomson Reuters ONE
[HUG#1541116]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 08:35 Uhr
Sprache: Deutsch
News-ID 59120
Anzahl Zeichen: 2615
contact information:
Town:
Larnaca
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 197 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Refinancing and new dividend policy"
steht unter der journalistisch-redaktionellen Verantwortung von
Prosafe SE (Nachricht senden)
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