SeaBird Calls for Amended Loan Agreement to Purchase Hawk Explorer

  • Business & Finance

SeaBird has requested the Nordic Trustee to call for a bondholders’ meeting to amend the loan agreement of SBX03 (ISIN 001 0633118) to permit an extended financial indebtedness to the company.

SeaBird Calls for Amended Loan Agreement to Purchase Hawk Explorer

The consent requirement is 50% of the bonds, and the company has received pre-acceptances concerning the proposal from bondholders representing a majority of the bonds in SBX03.

This is with reference to SeaBird Exploration PLC’s announcement of 2 September 2013, where SeaBird announced that it will exercise its option under the charter agreement to purchase the M/V Hawk Explorer and related equipment for $6.5 million.

Pursuant to said option exercise, the vessel and equipment will be delivered at the end of the lease term 31 August 2014 against settlement of the purchase price.

SeaBird has received an offer for an addendum to the charter party relating to M/V Hawk Explorer, pursuant to which SeaBird will pay the $6.5 million purchase price in instalments over the next 18 months, and will take over title of the vessel in Q1 2016, at which time the purchase price, interest and costs and expenses will have been paid.

Press Release, August 19, 2014

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