Volstad Gets One More Year

Norwegian vessel owner Volstad Maritime and its subsidiary Volstad Subsea have secured the extension of maturity date of the NOK 600 million ($72 million) bond loan by 12 months, now expiring July 5, 2017.

As reported earlier, Volstad Subsea AS, which took a bond loan of NOK 650 million in 2013, with 3-year maturity, as part of refinancing the debt in the group, said it does not have sufficient funds to redeem the bond at its previous upcoming maturity on July 5 this year.

In addition, the bondholders have also agreed to a partial redemption of NOK 100 million at a price of 100% of par. ABG Sundal Collier ASA and SpareBank 1 Markets AS acted as the company’s financial advisers.

“Volstad Maritime is satisfied with the outcome of the discussions, which contributes to preserve stakeholder values through the current offshore service market conditions,” the company said on Friday.

Subsea World News Staff