The Company is the Issuer under the 9 % senior secured USD 400,000,000 1st Lien bonds 2018/2024 with ISIN NO001 0833775 (the "1L Bonds") and the 12.75 % USD75,000,000 2nd Lien bonds 2018/2024 with ISIN NO001 0833783 (the "2L Bonds" and together with the 1L Bonds, the “Bonds”). The Company is also the borrower under a USD 150,000,000 term loan facility (the “Bank Vessel Facility”) and under revolving credit facilities for an undrawn total amount of USD 100,000,000 (the “RCFs”, together with the Bonds and the Bank Vessel Facility, the “Finance Documents”).
The Company remains in constructive negotiations with all lenders under the Bank Vessel Facility and the RCFs (the “Lenders”), the ad hoc committee of holders of the 1L Bonds (the “AHC”) and certain holders of the 2L Bonds. On 14 April 2020 the Company entered into a forbearance and deferral agreement with the AHC (“Forbearance Agreement”), including conditions and undertakings typical for such arrangements, in relation to payments of (i) amortisation, interest and commitment fees due under the Bank Vessel Facility and RCFs and (ii) coupon payments due under the Bonds. The Forbearance Agreement has been extended until 31 July 2020.
As part of the discussions with the Lenders under the Bank Vessel Facility, the Company and the Lenders have agreed terms such that certain expenses related to the Endurance and the banks collateral are covered (subject to compliance with certain agreed ongoing conditions) by proceeds in the blocked accounts.
The Group’s vessels and business continue to operate as normal.
For further information, please contact:
Peter Jacobsson, CEO, Floatel International AB
Tel: + 46 31 352 07 00; Mob: +46 76 856 36 18
Tomas Hjelmstierna, CFO, Floatel International AB
Tel: + 46 31 352 07 00; Mob: +46 70 261 09 01