Wintermar Offshore completes loan rescheduling with key lendersCompany News // May 17, 2017
PT Wintermar Offshore Marine (WINS) has announced that a number of companies in the WINS group have completed loan rescheduling agreements with key lenders.
Loan periods and principal repayments have been amended to more closely align these debt service obligations with cash generated.
The group considered this process necessary in view of the lower outlook on vessel utilization and charter rates following the sustained impact of lower oil prices globally and the reduction in spending by its major clients in the oil and gas extraction industry.
Amendments to outstanding bank debt of US$71.4 million have been agreed with the group's major lenders, representing 93 per cent of long term bank debt outstanding at 31 December 2016.
A total of US$31.7 million of loan Principal due in 2017 and 2018 has been rescheduled to become due in 2018 to 2022.
The agreements are subject to completion of certain matters by no later than 15 June 2017.