Indonesian offshore vessel operator Wintermar has concluded an agreement with two major lenders, International Finance Corporation (IFC) and Deutsche Investitions- und Entwicklungsgesellschaft (DEG), to reschedule its debts.
Under the agreement, $29m of debt which was originally due to mature between March 15 2021 and December 15 2022 has been extended to December 15, 2025. The repayment schedule has been amended to match the new projected cash flow of the company, resulting in a reduction of principal payments by $3.6m in 2020 and $12m in 2021. The loans covered under this agreement comprise 56% of the total bank loans of the company.
“We are very pleased to conclude this rescheduling which has significantly improved the liquidity profile of the company in the next two years, allowing the Company a higher degree of confidence to navigate through the uncertainty that COVID-19 has created. We highly value the good relationship we enjoy with IFC and DEG, who have supported us since we were listed. Their belief in our long-term sustainability and support for our rescheduling has placed the company in a strong position to weather this critical time. We are grateful for their support,” said Sugiman Layanto, managing director of Wintermar.
Wintermar currently has a fleet of 48 offshore support vessels and a contract backlog worth $74.65m as of the end of May.