Polarcus strengthens debt financing
2 Sep 2009
Polarcus Limited (Norwegian OTC List: PLCS) announced today the closing of the debt financing for the first four vessels, which concludes the full debt financing requirement under the current newbuilding program. This is an important step in the process of launching an ultra-modern fleet of initially four advanced seismic vessels and the build of a world class marine seismic acquisition company.
DVB Bank together with Eksportfinans guaranteed by GIEK (Garanti-instituttet for eksportkreditt), have committed a long-term senior secured facility of USD 80 million. The facility provides for long term financing over a five- and twelve-year period at an average interest rate of LIBOR + around 4.5% and contains customary financial covenants and default provisions. The financing is subject to certain standard requirements, in addition to raising new equity.
Rolf Rønningen, CEO Polarcus, commented: "This is a major step forward for the company and an important milestone for the success of building the world's most advanced seismic fleet. I am pleased that DVB Bank, Eksportfinans and GIEK have recognized our potential and put in place these facilities at competitive terms".
ABG Sundal & Collier has acted as the company´s advisor in the debt financing process and Polarcus has retained ABG Sundal Collier and SEB Enskilda as financial advisers related to a contemplated share issue and IPO.
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus 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 is launching an ultra-modern fleet of initially 4 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull, with the first vessels becoming operational in 2009. www.polarcus.com