Polarcus revised Debt Service Ratio covenant
1 Sep 2014
Polarcus Limited (OSE: PLCS) (“Polarcus” or the “Company”) announces that it has agreed an amendment to the existing USD 410 million fleet bank facility agreement entered into with DnB ASA and DVB Bank SE, Nordic Branch, Garanti-instituttet for Eksportkreditt (GIEK) and Eksportkredit/Eksportfinans ASA (the “Fleet Bank Facility”).
The amendment is related to a permanent reset of the Debt Service Ratio. The “Debt Service Ratio” is defined as EBITDA divided by total interest and principal payments on external debt, not including repayments made before or at final maturity date that is refinanced by new debt. The Debt Service Ratio is to be calculated quarterly, based on the last 12 months period. Under the revised covenant, Polarcus shall, on a consolidated basis, maintain a Debt Service Ratio >2.0x from Q3 2014 onwards.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)