Dockwise lending syndicate grants waiver request
(Thomson Reuters ONE) -
Breda, the Netherlands, November 4(th), 2011. Dockwise Ltd. today announces that
its lending syndicate has agreed the waiver request filed on 10(th) October for
contingency purposes.
Dockwise has at all times remained within covenants agreed with the lender
syndicate. Today's agreement by the syndicate grants Dockwise a temporary
relaxation of the leverage ratio (net debt over EBITDA), which will provide
additional headroom in the event of extraordinary market circumstances. The
period of relaxation is March 2012 until September 2013
The new covenant ratio's are as follows:
+------------------------------------------------------------------------------+
| BANK COVENANT RATIOS |
+--------------+--+------+-----+-----+-----+-----+------+-----+-----+--------+-+
| | |Q4'11 |Q1'12|Q2'12|Q3'13|Q4'13|Q1'13 |Q2'13|Q3'13| Q4'13 | |
| | | | | | | | | | | Till | |
| | | | | | | | | | |maturity| |
+--------------+--+------+-----+-----+-----+-----+------+-----+-----+--------+-+
|Cash flow |>=|1.0 |1.0 |1.0 |1.0 |1.0 |1.0 |1.0 |1.0 |1.0 | |
|cover | | | | | | | | | | | |
|Unchanged | | | | | | | | | | | |
+--------------+--+------+-----+-----+-----+-----+------+-----+-----+--------+-+
|Interest cover|>=|2.25 |2.25 |2.25 |2.25 |2.25 |2.25 |2.25 |2.25 |2.25 | |
|Unchanged | | | | | | | | | | | |
+--------------+--+------+-----+-----+-----+-----+------+-----+-----+--------+-+
|Leverage new |<=|3.75 |4.25 |4.25 |4.25 |4.25 |3.75 |3.5 |3.25 |3.0 | |
|(previous | |(3.75)|(3.5)|(3.5)|(3.5)|(3.5)|(3.25)|(3.0)|(3.0)|(3.0) | |
|ratio) | | | | | | | | | | | |
+--------------+--+------+-----+-----+-----+-----+------+-----+-----+--------+-+
Interest expenses for Dockwise are based on LIBOR (95-100% hedged until July
2012, thereafter 50% hedged until July 2014) plus, on average, a 2.4% margin.
This results in the current interest rate of 7.3%.
Following the waiver the estimated interest rate- depending on the covenant
position- will be between 8 and 9.5% for the first half of 2012, between 6.75
and 8.5% for the second half of 2012 and between 7 and 8% for 2013. In addition
lenders will receive a waiver fee of near USD 3.5 million in Q4 2011.
For further information, please contact:
Fons van Lith
M: +31 (0)651 314 952
T: +31 (0)76 5484 116
E:Fons.van.lith(at)dockwise.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the 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: Dockwise Ltd via Thomson Reuters ONE
[HUG#1561153]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2011 - 17:46 Uhr
Sprache: Deutsch
News-ID 84236
Anzahl Zeichen: 3689
contact information:
Town:
Breda
Kategorie:
Business News
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"Dockwise lending syndicate grants waiver request"
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