| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Prosafe Rigs Pte. Ltd. > News item |
Prosafe restructures with debt-to-shares conversion implementation
Chicago, Dec. 17 – Prosafe SE and Prosafe Rigs Pte. Ltd. have been successful in meeting the conditions for the schemes in the Singapore court for a restructuring of the company’s debt and the transaction effective date has occurred, according to a company press release.
The company has converted $996 million of debt into 7,894,088,600 shares in Prosafe SE. This constitutes a first conversion of debt to shares. The conversion rate was €0.1116.
The total number of outstanding shares after the conversion is 7,982,075,598 and the share capital is €399,103,779.90.
The shares were registered on Thursday.
The company will convert the remaining $91 million of debt within days.
The remaining debt will be converted in return for 816,624,191 shares at a conversion rate of €0.1113 and €0.0884 for two creditors with separate agreements.
When the second conversion occurs, there will be 8,798,699,789 shares issued and the share capital will be €439,934,989.45.
There are now no mandatory debt maturities for the company until December 2025, absent a cash-sweep requirement above $66 million.
The company has deleveraged by around $1.1 billion, with reinstated debt of $343 million plus Safe Eurus.
Interest costs have been reduced annually by around $9 million.
The company now has liquidity headroom in excess of the agreed minimum cash covenant of $18 million through 2022 with an increase in the cash covenant to $28 million in 2024. The expected liquidity at year-end of 2021 is around $60 million.
Prosafe is a Stavanger, Norway-based owner and operator of semi-submersible accommodation and service rigs for the oil and gas industry.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.