Lenders approve Prosafe’s refinancing
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The lenders of Prosafe’s $1.3bn and $288m bank facilities have approved the struggling company’s refinancing plan, which will now go ahead as planned.
The owner and operator of semi-submersible accommodation vessels intends to issue the new up to $150m in new shares as part of a fully subscribed private placement that was completed in July via an accelerated book-building process. Shareholders and bondholders received preferred allocation.
Investors will receive receive non-transferable subscription rights for up to 504m new shares in total, which will be issued at a subscription price of NOK 0.25 per share.
In addition, Prosafe’s senior unsecured bond loans will be converted to cash, shares and convertible bonds as part of the refinancing.
Prosafe has already cut the size of its group management team as part of workforce rationalisation measures that aim to save the company between $30m and $40m a year.