Highlights from the amended facilities agreement:
- The term of the loan has been extended by 2 years, with maturity extended from January 2027 to January 2029. The lenders’ option to further extend the term of the loan by an additional 2 × 1 year is maintained.
- The amortization profile is adjusted to reflect a 7-year profile based on outstanding debt at the Effective Date, reducing annual scheduled installments from the current USD 131 million to USD 90 million.
- The interest margin subject to the Company’s leverage as measured through NIBD / LTM EBITDA (the “Leverage Ratio”) has been adjusted with the following margins for given thresholds: 370 bps for a Leverage Ratio exceeding 2.5x, 325bps for a Leverage Ratio between 2.5x and 2.0x, and 290bps for a Leverage Ratio below 2.0x.
“The improved terms and conditions for the amended facility agreement strengthens our financial position and visibility“ said Lars Peder Solstad, CEO of Solstad Maritime ASA
Source: Solstad
