Dockwise's allocation of capital raise to debt reduction
(Thomson Reuters ONE) - Breda, the Netherlands, 8 December 2009. Dockwise Ltd. todayannounces receipt of confirmation from Fortis UK, in its capacity asthe Agent of Dockwise Ltd.'s credit facilities, that an agreement hasbeen reached between Dockwise Ltd. and its lenders syndicatefollowing its USD 250 million (USD 233 million net of transactioncosts) capital raise. The key items of the agreement are:1. Dockwise Ltd. will repay USD 104 million of its second lien(i.e. highest interest rate) facilities.2. The remaining net proceeds of the capital raise can be appliedby Dockwise Ltd. for a debt buy back of first and second lien debt.Details of this buy-back are listed below.3. The interest margin on the first lien tranches of the facilitywill be reduced with 0.25%.4. The leverage ratio covenant (Net Debt/EBITDA) will be relaxedto 4.0 until the end of 2010, then to 3.75 until the end of June2011, 3.5 until the end of December 2011, 3.25 until end of June2012, and 3.0 thereafter. The interest cover ratio (EBITDA/NetFinancial Charges) will be relaxed to 2.25 at all times.5. The maximum amount of guarantees/Letters of Credit/Performancebonds Dockwise Ltd. can issue and the amount of exposure DockwiseLtd. can take to joint ventures will both be significantly increased,enabling the company to carry on its strategy to pursue largerprojects.6. Covenants relating to capex investments, acquisitions anddisposals will cease to apply.7. Dockwise will pay a 20 bps consent feeDockwise Ltd. announces its intention to buy back some USD 125million of its syndicated debt in a reverse Dutch auction to beconducted by The Royal Bank of Scotland. Dockwise expects tofinalize this buy back before the end of the year.Dockwise Ltd. will only entertain offers for second lien debt below95% and for first lien debt below 97%.Further information:Fons van Lith +31 76 5484116/+31 651 314 952Fons.van.lith(at)dockwise.comAbout Dockwise Ltd / Dockwise GroupDockwise Ltd., a Bermuda incorporated, has a workforce of more than1200 people both offshore and onshore. The company is the leadingmarine contractor providing total transport services to the offshore,onshore and yachting industries as well as installation services ofextremely heavy offshore platforms. The Group is headquartered inBreda, The Netherlands. The Group's main commercial offices arelocated in The Netherlands, the United States, China, Korea,Australia, Brasil, Moscow, Singapore and Nigeria. The Dockwise YachtTransport business unit is headquartered in Fort Lauderdale and hasan office in Italy. The Dockwise Shipping network is supported byagents in Japan, Singapore, Spain, Norway, Argentina and Italy.To support all of its services to customers, the group also has threeadditional engineering centers in Houston, Breda and Shenzhen,manufactures specific motion reduction equipment such as LMU (LegMating Units) and DMU (Deck Mating Units) and owns a fleet of 20purpose built semi-submersible vessels.Dockwise shares are listed on the Oslo Stock Exchange under tickerDOCK.For further information: www.dockwise.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 08.12.2009 - 08:58 Uhr
Sprache: Deutsch
News-ID 9363
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