Cecon extends funding for 15 days as delivery of newbuild is awaitedVessel & ROV News // July 17, 2014
Cecon ASA, through its subsidiary Rever Offshore, has signed an agreement that extends the maturity of senior tranche A and tranche B bonds funded by certain funds and accounts managed by York Capital Management Global Advisors or its affiliates until 31 July.
The holder of the Tranche A Bonds and the Tranche B Bonds will receive an extension fee of US$250,000 for the 15-day extension period.
The agreement with York aligns repayment of construction financing with the planned delivery of Cecon Pride from the yard in Canada.
Cecon Pride has, at last, been completed, ready for sea trials, and is to go directly into a contract in the Mediterranean after delivery.