OSLO, Norway— Aker BioMarine received bondholder approval of its plan to refinance the company’s NOK 750 million (US$125 million) bond loan, which matures in May 2010. As announced in early February, the company plans to convert into equity its net receivables that are payable by Aker BioMarine, while other bondholders accepted a three-year extension of the loan’s maturity date for the remaining NOK 305 million (US$51.7 million) of the loan in return for a 0.25 percentage point increase in the loan interest they will receive.
Bondholders have made these modifications contingent upon Aker ASA issuing a guarantee for the remaining NOK 305 million of the bond loan. A draft agreement has been prepared setting out the terms and conditions for such a guarantee by Aker. The agreement will be presented for approval at the Aker BioMarine annual shareholders meeting in April 2010; it is also subject to final approval by Aker ASA. As compensation for Aker ASA’s guarantee, Aker BioMarine will pay an annual guarantee premium to Aker of 5 percent, bringing Aker BioMarine's total financing cost to NIBOR + 8.75 percentage points.
“Through constructive dialogue with our bondholders and Aker, we have reached a solution regarding Aker BioMarine’s bond loan,” said Hallvard Muri, president and CEO, Aker BioMarine. “We are optimistic about our refinancing plan and confident that the final puzzle piece will also fall into place.”
