NADL - Amendments to Secured Credit Facilities
April 29 2016 - 1:55AM
Hamilton, Bermuda, April 29,
2016 - North Atlantic Drilling Limited ("the Company"), a
majority owned subsidiary of Seadrill Limited, announces today that
it has reached agreement with its banking group to extend its
US$2.0 billion credit facility to June 2017 and to amend certain
financial covenants.
These amendments are part of a broader package of
measures Seadrill Limited, our major shareholder, is undertaking to
refinance and recapitalize the business.
The covenant amendments extend to 30 June 2017 and
relate to the following:
-
A reset of the leverage covenant.
-
A revised definition of the Equity
Ratio to exclude the impact of any change to the market value of
our rigs.
-
A suspension of the provision that
allows lenders to receive a prepayment if rig values decline below
a minimum value relative to the loan balance outstanding.
For additional detail on the terms of the
agreement, please refer to our Annual Report on Form 20-F filed
with the U.S. Securities and Exchange Commission on Thursday, April
28th.
FORWARD LOOKING STATEMENTS
This news release includes forward looking
statements. Such statements are generally not historical in nature,
and specifically include statements about the Company's plans,
strategies, business prospects, changes and trends in its business
and the markets in which it operates. These statements are made
based upon management's current plans, expectations, assumptions
and beliefs concerning future events impacting the Company and
therefore involve a number of risks, uncertainties and assumptions
that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements, which speak
only as of the date of this news release. Consequently, no
forward-looking statement can be guaranteed. When considering these
forward-looking statements, you should keep in mind the risks
described from time to time in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 20-F (File No. 001-34667). The Company undertakes no
obligation to update any forward looking statements to reflect
events or circumstances after the date on which such statement is
made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for the
Company to predict all of these factors. Further, the Company
cannot assess the impact of each such factor on its business or the
extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in
any forward looking statement.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: North Atlantic Drilling Ltd. via
Globenewswire
HUG#2008228
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