NADL - Amendments to Secured Credit Facilities
Hamilton, Bermuda, April 29, 2016 - North Atlantic Drilling Limited ("the Company"), a majority owned subsidiary of Seadrill Limited, announces today that it has reached agreement with its banking group to extend its US$2.0 billion credit facility to June 2017 and to amend certain financial covenants.
These amendments are part of a broader package of measures Seadrill Limited, our major shareholder, is undertaking to refinance and recapitalize the business.
The covenant amendments extend to 30 June 2017 and relate to the following:
A reset of the leverage covenant.
A revised definition of the Equity Ratio to exclude the impact of any change to the market value of our rigs.
A suspension of the provision that allows lenders to receive a prepayment if rig values decline below a minimum value relative to the loan balance outstanding.
For additional detail on the terms of the agreement, please refer to our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on Thursday, April 28th.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company`s plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. These statements are made based upon management`s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company`s filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: North Atlantic Drilling Ltd. via GlobeNewswire
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