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    Norshore to restructure - to sell and lease back Norshore Atlantic

    Company News // July 16, 2015

    Norshore Holding and Norshore Atlantic BV have entered into a Letter of Intent with key bondholders in the Norshore Atlantic BV Callable Bond Issue (ISIN NO0010704182) regarding a financial restructuring of the group.

    The group has received undertakings from bondholders representing in aggregate more than two thirds of the outstanding bonds to support and work with it towards completion of the contemplated restructuring, which will include the sale of the vessel Norshore Atlantic and the transfer of US$17.8 million of funds currently held in accounts pledged as security for the bond to an entity controlled by the holders in the bond, combined with a lease back of the vessel to a company within the group.

    All outstanding bonds will be redeemed as part of the consideration for the sale and leaseback.

    The group will have a purchase option to acquire the vessel at a price to be based on an annuity principle starting with an outstanding amount of US$133.5 million and 12 per cent fixed interest. The purchase option can be exercised quarterly during the first 18 months after closing and thereafter semi-annually for the duration of the lease agreement.

    The proposed transaction is due to be completed by 24 July 2015.


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