Result of follow-up bondholder meetings in DOF Subsea AS, refinancing update
As previously reported by DOF Subsea AS ("DOF Subsea" or the "Company"), DOF Subsea is in dialogue with its banks, bondholders, and shareholders in order to agree on a long-term financing solution for the Group, to be aligned with the current market.
Bondholders approved amendments of the three bonds on 20 December 2019, subject to certain adjustments to be formalised in follow-up Bondholders' meetings on 27 February 2020.
These adjustments, as outlined in the Summons Letter dated 12 February 2020, were today approved by a necessary majority of Bondholders in all three bond issues. The amendments to the three bond issues will be made effective when a final agreement is reached with the banks, and subject to contribution of new equity to DOF Subsea. Although no assurance can be given to this effect, the Company believes that it will obtain agreement with all stakeholders by the end of Q1 2020.
The Issuer has engaged ABG Sundal Collier ASA and Pareto Securities AS as its financial advisors (the "Advisors") with respect to the amendments to the bond issues.
>>> Notice from the Bondholder's Meeting (PDF)
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Jan Nore, tel. +47 48 09 46 99