Offshore accommodation vessel specialist Prosafe said Friday it has secured support from its lenders to embark on a major restructuring, following a long period of negotiations.
The company has received confirmation of approximately 79% for the credit facility of $1.3bn, as well as an additional credit of $144m, which is expected to be approved in mid-June.
The deal will result in deleveraging of the balance sheet with a debt reduction of approximately 75%, around $1.1bn, a sufficient cash balance and, in total, a significant improvement in financial flexibility.
The agreement, which is subject to shareholders’ approval, also does not involve any binding debt maturity before December 2025.
