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Sevan Drilling ASA Announces Amendment to Bank Agreements and Contemplates Private Placement

Monday, 14 Jan 2013 02:42am EST 

Sevan Drilling ASA announced amendments to existing loan agreements with lending banks and proposed a private placement of NOK 987 million (equivalent to USD 175 million) through an issue of new shares directed towards Norwegian and international investors. The Company retained Pareto Securities AS and Swedbank First Securities as joint lead managers and joint bookrunners and Carnegie as co-manager for the Private Placement. Rothschild is acting as financial adviser. The Company has been granted extended waivers from its lenders until the end of February 2013. The facilities have been amended in order to make them more self-sufficient and thus limit parent company funding of any shortfall going forward. The gross proceeds from the Placement are expected to amount to NOK 987 million. The price will be determined through an accelerated bookbuilding process. The minimum order and allocation has been set to the number of shares that equals an aggregate purchase price of at least NOK equivalent of EUR 100,000. The net proceeds to the Company from the Placement will be used as follows: USD 40 million in payment of deferred liabilities and CAPEX, USD 35 million in pre-payment of bank debt, and for general corporate purposes. The Company has directed a separate tranche towards the primary insiders. The bookbuilding period commences on January 14, 2013 and may close at any time on short notice. Subject to successful Private Placement, the Board intends to propose subsequent offering. 

Company Quote

0.03 +1.36%
17 Sep 2014