OLSO, Norway— Aker BioMarine completed its rights offering and finalized the refinancing plans it initially announced in February and March 2010. As part of the completion, Aker ASA issued a guarantee for Aker BioMarine’s bond loan, extending the maturity date by three years and increasing the bond margin to NIBOR + 3.75 percent from May 25, 2010.
In accordance with the refinancing plan, Aker BioMarine sold its receivables on Ocean Harvest AS, including accrued interest, in total NOK 166 million (US$26.9 million), to Aker ASA. Simultaneously, Aker BioMarine set off approximately NOK 525 million (US$85.2 million) of its receivables on Aker ASA against its debt to Aker ASA in the same amount. Aker BioMarine’s residual debt to Aker ASA of approximately NOK 510 million (US$82.8 million) was then repaid.
“We have completed the refinancing in accordance with the plan we have communicated earlier this year and the company’s financial position is considerably strengthened,” said Fredrik Nygaard, Aker BioMarine’s CFO. “We are pleased with the results from the rights offering and are now looking forward to have full focus on developing Aker BioMarine further.”
