Aker Kvaerner ASA Successfully Completes Refinancing
The refinancing of Aker Kvaerner ASA announced on October 24th has been successfully concluded. The syndication of the bank facility of EUR 600 million has attracted substantial interest in the market and was significantly oversubscribed. Aker Kvaerner has therefore decided to increase this facility to EUR 750 million.
The issuance of the NOK denominated bonds were launched on the 15th of November. The bonds have been very well received in the market and Aker Kvaerner decided to close the books mid last week with a total amount of NOK 1.6 billion. The split in the 3, 5 and 7 years tranches were 500MNOK, 650MNOK and 450MNOK respectively. Payment date is the 1st of December 2006. Aker Kvaerner will consider further issuances in the bond market at a later stage.
Aker Kvaerner has today also formally called the subordinated bond to be redeemed at the price of 101,2% of the principal loan amount as agreed in the bondholders meeting November 9.
Furthermore, Aker Kvaerner will neutralize the existing EUR 260 million bond notes through a satisfaction and discharge as previously announced.
The above transactions will take place on December 1, 2006.
The refinancing of Aker Kvaerner will give a strong and flexible financing structure for the Group in the coming years.
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