In a filing with the Oslo bourse the operator said IMSK12 notes will now mature on 30 June 2016 following the passage of an amendment that was backed by more than two-thirds of its bondholders.
“With this extension of the maturity date, we have ensured sufficient working capital for the company to execute on its strategy and by this to visualize and create values for all stakeholders in the company,” added chief executive Mortis Skaugen.
Skaugen also pointed out that it also intends to proceed with plans to repurchase at least NOK 60m ($8m) worth of the notes but failed to shed light on timing.
Prior to today’s amendment the operator, which oversees a fleet of gas-carriers, reminded investors that the bonds were scheduled to mature this Friday, 27 February 2015.
Skaugen first announced plans to revise the deadline on 9 February. At the time, it also noted that its fourth-quarter earnings report would be delayed as a result of the vote.
It said the Norwegian bond market is currently a challenging place to raise new capital and added: “We have thus turned to our current lenders to seek support for an extension of maturity of IMSK12 in order for us to gain time to realise the strategy we have outlined for the company.”
In today's regulatory filing management told investors that Skaugen intends to release its fourth-quarter earnings report this Wednesday, 25 February 2015.
