Akastor ASA completes refinancing of its corporate credit facility
Rhea-AI Summary
On October 1, 2021, Akastor ASA announced the completion of refinancing its existing Revolving Corporate Credit Facility. The new credit structure includes a USD 89 million revolving credit (Facility A), which will be reduced by USD 47.5 million by March 31, 2022, alongside a NOK 250 million revolving credit facility (Facility B) and a NOK 250 million subordinated liquidity facility from Aker Holding AS. The maturity dates are set for February 26, 2023 and March 26, 2023 for the respective facilities.
Positive
- Successful completion of refinancing improves liquidity and financial flexibility.
- Reduction of USD 47.5 million on Facility A demonstrates proactive debt management.
Negative
- Substantial debt levels remain with ongoing obligations due in 2023, which may impact cash flow.
- Reliance on subordinated liquidity facility could signify potential liquidity risks.
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OSLO, Norway, Oct. 1, 2021 /PRNewswire/ -- Reference is made to the joint press announcement dated 2 March 2021 from Baker Hughes (NYSE: BKR) and Akastor ASA (Oslo: AKAST). Simultaneous with the completion of the transaction as announced per separate press release, Akastor has today completed a refinancing of its existing Revolving Corporate Credit Facility.
The new Reducing Revolving Credit Facility consists of the following key elements;
- a USD 89 million revolving credit (Facility A) to be reduced by USD 47.5 million on 31 March 2022;
- a NOK 250 million revolving credit facility (Facility B); and
- a NOK 250 million liquidity facility from Aker Holding AS which is subordinated to Facility A and B.
Maturity Date of Facility A and B is 26 February 2023 and the liquidity facility from Aker Holding AS matures one month later on 26 March 2023.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
This information is subject to the disclosure requirements pursuant to section 5.12 of the Norwegian Securities Trading Act.
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.
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View original content:https://www.prnewswire.com/news-releases/akastor-asa-completes-refinancing-of-its-corporate-credit-facility-301389709.html
SOURCE Akastor ASA
FAQ
What refinancing has Akastor ASA completed in October 2021?
What are the key details of Akastor ASA's new credit facilities?
How much will Akastor ASA reduce Facility A by in March 2022?
