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2016-09-05

Prosafe SE: All lender approval secured - refinancing to be completed

Reference is made to previous announcements concerning the proposed
refinancing (the "Refinancing
") of Prosafe SE ("Prosafe
" or the "Company
") as announced on 7 July 2016.

All lenders of Prosafe's USD 1,300 million and USD 288 million bank facilities
have now confirmed their approval in favour of the Refinancing. With this,
the Company is pleased to note that the Refinancing has been supported by all
relevant stakeholders, and that the conditions for the Refinancing have been
fulfilled.

The Company will now proceed with execution of relevant amendment agreements
and completion of the Refinancing, including (i) issuance of the new shares
in connection with the private placement closed on 12 July 2016 and (ii) the
conversion of the Company's senior unsecured bond loans to cash, shares and
convertible bonds. In this respect, the Company is now working under the
following tentative timeline:

-----------------------------------------------------------------------------------------------------------
| Step Date Action |
| 1 9 September 2016 Execution of relevant bank and bond documentation |
| 2 12 September 2016 Managers to pre-fund private placement amount |
| 3 12 September 2016 Record date for cash out option and convertible bond exchange |
| 4 13 September 2016 Private placement shares issued to managers |
| 5 14 September 2016 Delivery of shares to subscribers in the private placement (subject to due and |
| timely payment). |
| 6 14 September 2016 Redemption of bonds against settlement of the voluntary cash-out option and |
| issuance of convertible bonds. |
| 7 14 September 2016 Record date for remaining forced cash redemption |
| 8 16 September 2016 Settlement of the remaining forced cash redemption |
| 9 16 September 2016 Record date for conversion of remaining bonds to shares |
| 10 20 September 2016 Conversion of remaining bonds to new shares |
-----------------------------------------------------------------------------------------------------------
Any delay in the date of execution of relevant documents will lead to
corresponding delay for the other dates. Further updates will be given in due
course.

Pending completion of the publication of the prospectus for the subsequent
equity offering and completion of the capital reduction described in the
Refinancing terms, the shares to be issued as part of the private placement
and debt conversion will be unlisted Class A shares. The Class A shares, once
issued, will be listed on the Norwegian OTC list (N-OTC).

With respect to the subsequent equity offering, this will be launched upon
publication of the offering and listing prospectus to be approved by relevant
authorities, currently expected end of September / early October 2016. As
previously announced, shareholders as of close of trade on 12 July 2016 (as
recorded in VPS on 14 July 2016) not allocated shares in the private
placement will, subject to applicable restrictions, receive non-transferable
subscription rights for up to 504,000,000 shares. The subscription price in
the subsequent equity offering will be NOK 0.25. Eligible shareholders will
be able to oversubscribe in the repair issue. It is expected that allocation
will be made according to the following principles and order (a) allocation
based on subscription rights; (b) allocation to oversubscribing eligible
shareholders up to an additional 40,000 shares, and (c) pro rata allocation
to oversubscribing eligible shareholders (based on subscription rights).
Further information on timing, terms and how to participate, will be
announced in due course, and described in the prospectus.

With the completion of the Refinancing, the Company will as previously
reported have greater financial flexibility throughout the period until the
end of 2020, including a solid liquidity buffer to weather a prolonged market
downturn. The combined effect of the Refinancing improves the Company's 2017
to 2020 cash flow by ca. USD 1 billion from a combination of new build
investment reduction, new equity, amortization holidays, bond conversions and
restructuring of the hedge portfolio. The refinancing combined with the
reorganization and efficiency measures, completion of the fleet renewal and
the scrapping will allow the Company to be well placed to reinforce its
leading position in the global accommodation market beyond 2020.

Prosafe is the world's leading owner and operator of semi-submersible
accommodation vessels. The company is headquartered in Larnaca, Cyprus and
listed on the Oslo Stock Exchange with ticker code PRS. For more information,
please refer towww.prosafe.com.

Larnaca, 5 September 2016
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Glen Ole Rødland, Interim Chairman
Prosafe SE
Phone: +47 907 41 662

Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 478 07 813

Robin Laird, Acting CFO
Prosafe Offshore Services Pte Limited
Phone: +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 991 09 467

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: Prosafe SE via Globenewswire

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