Wiersholm has assisted shipping company Olympic Ship
All requirements have now been fulfilled, the financing agreements with the secured lenders have been amended and new agreements with the bondholders have been concluded. The restructuring that has taken place implies that the Subsea vessels will be bought up and placed in a separate company, Olympic Subsea, with NOK 400 million in fresh equity. Old bond loans are cancelled and as compensation the bondholders are granted two new bond loans issued by Olympic Subsea of altogether NOK 360 million. For the group this means a debt reduction of NOK 395 million.
Furthermore, maturity on the bulk of the loan instalments will be deferred until 2021, allowing the cash requirement of the company until such time to be reduced by approx. NOK 1.5 billion. The interest-bearing debt has been reduced from approx. NOK 5.5 billion to approx. NOK 3.8 billion and maturity for the shipyard debt in the amount of NOK 90 million has been deferred until 2021.
In an interview with business newspaper Finansavisen, main shareholder Stig Remøy says that they are very happy to have finally crossed the finishing line after a long and arduous process.
Fearnley Securities and EY have been Olympic’s financial advisers, whereas Wiersholm has acted as legal adviser in the process of finding a long-term financing solution for Olympic Ship.
Wiersholm’s team has been headed by Leif J. Moltke-Hansen.