Spectrum ASA: Amendments to the bank facilities
July 01 2016 - 2:15AM
Spectrum ASA ("Spectrum") has yesterday afternoon
entered into an agreement to amend the amortization schedule on the
company's term loan facility. With the new repayment schedule the
term loan is amortized USD 10 million in 2Q 2016, USD 10 million in
3Q 2016 and USD 15 million in 1Q 2017 vs. previous amortization
schedule of USD 15 million in 2Q 2016 and USD 20 million in 3Q
2016.
In addition, Spectrum has obtained a waiver for the NIBD/EBITDA -
MC capex covenant for 2Q 2016.
Based on preliminary figures for 2Q 2016, Management expects to
report a cash balance of approximately USD15 million after the 2Q
2016 term loan payment of USD 10 million.
CEO Rune Eng comments:
"Oil companies continued to be very selective on spending in 2Q
2016 in spite of the increased oil price. Even though there are
signs of increasing activity in the market, it's still too early to
draw a positive conclusion. The updated amortization schedule gives
Spectrum increased flexibility and headroom even if the markets
remain subdued."
Spectrum will report the 2(nd) quarter 2016 financial results on
the 12(th) of August 2016.
For further information, please contact:
Henning Olset, CFO
Mobile: +47 92 26 69 48
E-mail: henning.olset@spectrumasa.com
Rune Eng, CEO
Mobile: +47 91 57 08 45
E-mail: rune.eng@spectrumasa.com
This information is subject
of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Spectrum ASA via Globenewswire
HUG#2024451
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