Sale of Viking Poseidon Completed
Thursday 16 March 2017
Reference is made to Eidesvik Offshore ASA's (the "Company") stock exchange notice dated 1 March 2017 regarding the Company's proposal for full settlement of Eidesvik Offshore ASA Senior Unsecured Bond Issue 2013/2018 (the "Bond Loan") at 60% of par value and summons to a bondholder meeting for the Bond Loan.
As described in the stock exchange notification, the proposal is subject to (a) the bondholders' meeting's acceptance of the proposal and (b) the Company having received the sales proceeds in full from the sale of Viking Poseidon within three business days prior to the applicable back stop date 31 March 2017. The Company has today received the sales proceeds in full from the sale of Viking Poseidon and the proposal is consequently only subject to approval from the bondholders to be addressed in a bondholders' meeting 16 March 2017. As previously announced, the Company has received irrevocable voting undertakings from holders of approximately 67.6% of the bonds in the Bond Loan in favour of the proposal.
Provided that the proposal is approved by the bondholders' meeting on 16 March 2017, the record date for full settlement of the Bond Loan will, as set out in the summons to the bondholders' meeting, be set to end of business 16 March 2017. Payment and full settlement of the Bond Loan will in such case be expected to be carried out 20 March 2017.