Aker Takes Out Loan for New Projects
Aker ASA has decided to establish a new bond loan of up to NOK 1 billion. The loan will provide Aker with added financial flexibility and clout. The loan will be applied to purposes such as development of new projects with significant value creating potential.
Aker has a number of development projects in progress at all times. Two of them are well known through previous announcements: the Antarctic krill harvesting and processing project and development of Aker Exploration, a narrowly focused offshore exploration company in Norway. Development of the aforementioned and other projects will continue this fall, with the objective of value-maximization for Aker shareholders.
Aker has entered into an agreement with Pareto for sale of the bonds. The loan will have a term to maturity of two years. The loan's other terms and conditions are identical to those of Aker's other outstanding bond loans.
The overall loan framework of the new bond issue is NOK 1 billion; the minimum loan amount is NOK 700 million. The loan will have a coupon corresponding to three-month NIBOR + 1.25 percentage points. Payment date is 29 August 2006. An application will be submitted to have the loan listed on the Oslo Stock Exchange ABM.
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