Northern Offshore Extends Term Loan Agreement
Northern Offshore and its lenders have executed an amendment to their US $300 million Secured Term Loan Facility Agreement. The amendment calls for a payment of US $67.5 million, rather than US $97.5 million, on the original maturity date and extends the payment of up to US $30 million plus accrued interest until no later than May 14, 2010. The rate on the extended outstanding balance of the Term Loan is LIBOR plus 3.5%.
This extension provides the company additional time to continue its work on refinancing its remaining outstanding debt now due on May 14, 2010 (US $30 million) and on June 14, 2010 (US $100 million). The company expects to enter into a new revolving credit facility in the coming weeks to fund a portion of these obligations.
Manages 1 Offshore Rigs
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