Banks approve Siem Offshore refinancing plan - rights issue will proceed once shareholders approve itCompany News // July 2, 2015
On 30 June, Siem Offshore secured approval from all of its banks for the financing plan it recently proposed.
The approvals includes a three year extension of the company’s NKr 2.5 billion credit facility for six anchor handling tug supply vessels, which was due to expire in November this year, as well as an easing of certain covenant requirements for the next few years.
A condition of board approval from Siem Industries for the 100 per cent underwriting of a rights issue from Siem Europe Sarl has now been lifted.
Given the above, the rights issue - which is subject to shareholder approval at an extraordinary general meeting of the company, notice of which is expected to be sent out shortly - can go ahead.
Existing shareholders will be allotted tradable and preferential subscription rights in proportion to their shareholding in the company. Oversubscription will be permitted. The subscription period is expected to start in August.