Norway-based offshore vessel owner DOF says that, having secured a long-term debt refinancing plan for the company, its banks have now agreed a new senior loan facility for DOF Rederi of NKr3.8 billion (US$447 million).
In a statement, DOF said the company’s banks will, as part of the refinancing, contribute with a 75 per cent reduction of amortisations on the bank facilities in DOF Rederi and 50 per cent-owned DOF Deepwater AS for a three-year period with a total liquidity effect of NKr1.3 billion.
The amended bank facilities are subject to documentation and conditions precedent satisfactory to the lenders and customary for similar transactions and conditional upon, inter alia, completion of the rights issue and restructuring of the bond debt in DOF ASA.
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