Bergen Group ASA has accepted an indicative term sheet from a bank syndicate for a refinancing of the company. The refinancing will mainly be used to strengthen the liquidity of the group’s ongoing shipbuilding projects, to be completed during first half of 2014.
Bergen’s Shipbuilding Division has for a long period experienced pressure on the liquidity due to large losses in the division. The losses have also led to a situation where ongoing shipbuilding projects for a period have had to be financed with a larger amount of equity in anticipation of the construction loan to be opened.
The refinancing ensures a satisfactory progress and funding for the three ongoing shipbuilding projects to be completed and delivered within 1st half of 2014. The refinancing is based on the following main elements:
The group is also working with establishing long term financial solutions related to the progress and completion of NB90 and NB91 at Fosen. These two shipbuilding projects, both to be built for Volstad Maritime AS, will be completed in respectively Q4 2014 and Q2 2015.
The Shipbuilding division is planned to be transferred to NorYards AS in Q1 2014, where the Luxemburg-registered company Calexco will becomes majority owner and Bergen Group ASA retains 49% of the shares for the time beeing.
Bergen Group will during the 1st half of 2014 work with a long term financing of the group, in order to refinance existing debt obligations, as well as, strengthening the ongoing process of further developing the industrial area at Hanøytangen as a leading international center for service and shipbuilding activities related to the offshore industry, subsea services and maritime industry.
[mappress] Press Release, December 19, 2013