DOF Subsea AS - Proposed refinancing

Bergen, Norway, 27 November 2017.  
Reference is made to the stock exchange announcement by DOF ASA dated 27 November 2017 regarding the contemplated private placement of new shares (the "Private Placement") in order to inter alia finance the increase of DOF ASA's ownership in DOF Subsea AS ("DOF Subsea" or the "Company") through subscription of new shares in DOF Subsea.
On this basis, DOF ASA and funds managed by First Reserve have entered into an agreement concerning a subscription of new shares in DOF Subsea directed towards DOF ASA whereby DOF ASA shall subscribe for 47,619,048 new shares at NOK 10.50 per share, in total NOK 500 million. Following the subscription of new shares DOF ASA's ownership interest in DOF Subsea will increase from 51% to approximately 65%. The subscription of new shares in DOF Subsea is inter alia conditional upon completion of the Private Placement in DOF ASA.
Completion of the DOF ASA Private Placement is conditional upon:
(i) The board of directors of DOF ASA resolving to allocate offer shares in the
Private Placement;
(ii) Certain amendments to DOF Rederi AS existing bank facilities;
(iii) Extension of existing DOF ASA credit facilities;
(iv) The DOFSUB07 bondholder meeting approving an extension of the maturity of the bond loan from currently May 2018 to October 2019 for NOK 100 million of the bond loan and May 2020 for the remaining NOK 408 million of the bond loan, at an annual interest rate of NIBOR + 7% (the bondholder meeting will be held prior to the EGM); and
On the basis of the above, the Company will summon a bondholders meeting in DOFSUB07 regarding the condition included in item (iv) above.
For further information of the DOF ASA private placement see press releases from DOF ASA dated 27 November 2017.
For further information, please contact:
Mons S. Aase, CEO, DOF Subsea, tel. +47 91 66 10 12
Marianne Møgster, SVP Finance, DOF Subsea, Tel: 99 30 69 16

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