Completion of share issue and refinancing (11.05.10)
Reference is made to the stock exchange notice published earlier today regarding the register of the new share capital in Aker BioMarine ASA. The rights offering in Aker BioMarine is now completed and the company has finalized the refinancing plan communicated in the stock exchange notices on February 8 2010 and March 10 2010.
As a part of the completion of the refinancing, Aker ASA has today issued a guarantee for the company’s bond loan, effectuating the agreement with the bondholders to extend the maturity date with three years. In accordance with the agreement with the bondholders, the bond loan margin will be increased by 0.25 percent to NIBOR + 3.75 percent from May 25 2010. Furthermore, several covenants related to Aker BioMarine are removed from the bond agreement. However, certain minimum covenants related to the guarantor’s financial position are implemented. For the guarantee, Aker BioMarine will pay a guarantee fee to Aker ASA of 5 percent of the guarantee amount. The fee will accrue and become payable at the bond maturity date. The recourse claim under the guarantee is secured.
In accordance with the refinancing plan, Aker BioMarine has today sold its receivables on Ocean Harvest AS including accrued interest, in total NOK 166 million, to Aker ASA. The purchase price was equal to par value. Simultaneously, Aker BioMarine has set off approximately NOK 525 million of its receivables on Aker ASA against its debt to Aker ASA in the same amount. Aker BioMarine’s residual debt to Aker ASA of approximately NOK 510 million was then repaid.
Following the refinancing, the Aker BioMarine group has increased its equity with NOK 638 million (before transaction costs) from NOK 166 million at the end of first quarter as well as reduced interest bearing debt of approximately NOK 1 billion. The average maturity date of the debt has also been extended.
- We have completed the refinancing in accordance with the plan we have communicated earlier this year and the company’s financial position is considerably strengthened. We are pleased with the results from the rights offering and are now looking forward to have full focus on developing Aker BioMarine further, says CFO Fredrik Nygaard.
Arctic Securities ASA has been manager for the rights offering and the refinancing.
For further information, please contact
Hallvard Muri, CEO Aker BioMarine +47 24 13 00 00
Fredrik Nygaard, CFO Aker BioMarine + 47 24 13 00 00
In accordance with the refinancing plan, Aker BioMarine has today sold its receivables on Ocean Harvest AS including accrued interest, in total NOK 166 million, to Aker ASA. The purchase price was equal to par value. Simultaneously, Aker BioMarine has set off approximately NOK 525 million of its receivables on Aker ASA against its debt to Aker ASA in the same amount. Aker BioMarine’s residual debt to Aker ASA of approximately NOK 510 million was then repaid.
Following the refinancing, the Aker BioMarine group has increased its equity with NOK 638 million (before transaction costs) from NOK 166 million at the end of first quarter as well as reduced interest bearing debt of approximately NOK 1 billion. The average maturity date of the debt has also been extended.
- We have completed the refinancing in accordance with the plan we have communicated earlier this year and the company’s financial position is considerably strengthened. We are pleased with the results from the rights offering and are now looking forward to have full focus on developing Aker BioMarine further, says CFO Fredrik Nygaard.
Arctic Securities ASA has been manager for the rights offering and the refinancing.
For further information, please contact
Hallvard Muri, CEO Aker BioMarine +47 24 13 00 00
Fredrik Nygaard, CFO Aker BioMarine + 47 24 13 00 00
Superba Krill
Norsk forbruker kontakt
Telefon: 815 56 333
E-post:
kundeservice @ superba.no
For international
Superba Krill enquiries:
For Europe:
E-mail
Phone: +47 24 13 00 00
For North America:
E-mail
Phone: +47 24 13 00 00
Norsk forbruker kontakt
Telefon: 815 56 333
E-post:
kundeservice @ superba.no
For international
Superba Krill enquiries:
For Europe:
Phone: +47 24 13 00 00
For North America:
Phone: +47 24 13 00 00
Aker BioMarine ASA, Fjordalleen 16, P.o.Box 1423 Vika, 0115 Oslo, Norway, Phone: +47 24 13 00 00 - Fax: +47 24 13 01 10