ABG Sundal Collier acted as sole manager for the restructuring of Polarcus, and joint lead manager and bookrunner in the related NOK 300M private placement and NOK 40m subsequent offering in Polarcus
The settlement of the subsequent offering on 10 April 2018 marked the completion of the financial restructuring of Polarcus. The key elements of the restructuring was:
- Reduced debt service of USD 166m to 2022
- Acquisition of the vessels Nadia and Naila for USD 75 million fully financed and termination of a USD 90 million lease commitment
- NOK 300million Private Placement
- Partly voluntary conversion of unsecured bonds to equity, write down of par value and merger of bond tranches
- Subsequent offering of NOK 40 million
The equity issues together with the restructuring and an increased working capital facility will improve the company`s liquidity by approximately USD 220 million to 2022. This gives Polarcus a robust financial foundation to continue its focus on operational excellence, cost efficiency and backlog for the fleet.