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Nordic Shipholding A/S Signs Reconstruction Agreement; Nordic Maritime to Hold 75% Stake in Nordic Shipholding Following Acquisition of Debt and Conversion of Debt into Shares


Friday, 22 Nov 2013 08:37am EST 

Nordic Shipholding A/S announced that the Company has entered into a conditional restructuring agreement with Nordic Maritime S.a r.l. (Nordic Maritime), an entity managed by PAG, An Asian alternative investment managers. Nordic Maritime will acquire debt of approximately USD 58 million from the Company's lending banks and convert the debt acquired to new shares in the Company, representing approximately 75% of the shares issued in the Company post transaction. The Company's lending banks will convert debt totalling approximately USD 12 million to new shares in the Company, representing approximately 15% of the shares issued in the Company post transaction. Current shareholders retain approximately 10% share ownership post transaction. Nordic Maritime will have an option to invest up to an additional USD 2 million under certain conditions against issue of additional shares. If such option is exercised, the existing shareholders will be further diluted. The group's vessels will be transferred to new 100% owned subsidiaries of the Company established in Singapore. As a result of the conversions of debt, the Company's bank debt will be reduced from USD 172 million to USD 100 million and new facilities agreements will be entered into with respect to such debt. Maturities for the existing bank debt are extended and the final maturity date of the bank debt will be seven years after the restructuring. A cash sweep of any excess cash will apply. 

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20 Nov 2014