Athens: Norway’s Bergen Group has entered into a term sheet for a secured loan facility of NOK 60m ($7.7m) from Stavanger-based investment company Køhlergruppen.
The rig and offshore service provider said the loan will be used to refinance NOK 30m ($3.8m) of it debt, set to mature on December 31 this year, as well as to improve the liquidity of the group and its subsidiary companies.
The loan is expected to be disbursed by end of July and will mature in 12 months’ time.
The term sheet will provide “both longer duration and lower expenses than the current financing”, Bergen said in a filing to the Oslo stock exchange today.
Køhlergruppen owns a 10% stake (35,000 shares) in Bergen Group, which it purchased in late 2012.