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2016-08-29

Viking Supply Ships AB: Viking Supply Ships AB announces restructuring agreement

Press release

With reference to previous communication related to the ongoing
financial restructuring of Viking Supply Ships A/S (VSS A/S): The
company has now reached an agreement with the committee representing
a majority of the outstanding bonds. Subject to approval of the
proposal at a bondholders meeting, this finalizes the total financial
restructuring of VSS A/S.

Furthermore, the senior lenders are all positive to the agreement,
subject to final approval from credit committees.

The agreement will provide the company with a stable financial
platform till 2020. The restructuring will allow the company to
increase focus on optimizing its operations and take full advantage
of future commercial opportunities within the company's core business
areas.

The Agreement includes the following key terms:

· VSS A/S' bank facilities of MUSD 215 are extended until 31 March
2020.

· Restructuring of certain charter party arrangements.
· 50% of the outstanding face value of bonds will be converted to
quoted class B shares in VSS A/S' parent company, Viking Supply Ships
AB (VSS AB), at SEK 1.5 per share, the bonds being valued at 55% of
par.

· The remaining 50% of the outstanding bonds will be redeemed in
cash at a price corresponding to 35% of par.

· The interest-bearing debt in VSS AB is reduced by approximately
MUSD 50, of which reduction in VSS A/S accounts for approximately
MUSD 43.

· VSS AB will complete an equity issue of minimum MUSD 25.2, of
which the majority shareholder Kistefos AS will subscribe it's
pro-rata share. In addition, equity of MUSD 6.6 will be issued in
exchange for said bonds.

VSS will within short convene a bondholders' meeting for bondholders
in ISIN NO 001 0638158 - FRN Viking Supply Ships A/S Senior Unsecured
Open Bond Issue 2012/2017 to propose the amendments to the bond
agreement.

Swedbank Corporate Finance is financial advisor to the company.

For further information, please contact:

Christian W. Berg, CEO, ph. +45 41 77 83 80, e-mail
christian.berg@vikingsupply.com

Morten G. Aggvin, IR & Treasury Director, ph. +47 41 04 71 25, e-mail
ir@vikingsupply.com

Viking Supply Ships AB (publ) is a Swedish company with headquarter in
Gothenburg, Sweden. Viking Supply Ships A/S is a subsidiary of Viking
Supply Ships AB (publ). In addition Viking Supply Ships AB (publ) has
the subsidiary TransAtlantic AB. The operations are focused on
offshore and icebreaking primarily in Arctic and subarctic areas as
well as on Shipping services mainly between the Baltic Sea and the
Continent. The company has in total about 500 employees and the
turnover in 2015 was MSEK 1,977. The company's B-shares are listed on
the NASDAQ Stockholm, Small Cap segment. For further information,
please visit: www.vikingsupply.com

This information is information that Viking Supply Ships AB is obliged
to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the
contact person set out above, at 18:40 CET on 29 August 2016.

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http://news.cision.com/viking-supply-ships-ab/r/viking-supply-ships-ab-a...

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