Company’s majority stakeholders and largest creditor, Aker ASA, have given their consent on the plan and now the company is wooing key bondholders to secure their approval of the refinancing plan. It is said that the refinancing will strengthen Aker BioMarine’s capital structure and liquidity through the addition of at least NOK 550 million in equity from Aker and other Aker BioMarine shareholders.
As the company’s capital structure and liquidity is stronger, holders of the Aker BioMarine bond that matures in May 2010 have been asked to accept a three-year extension of the loan’s maturity. Aker BioMarine’s President and CEO Hallvard Muri said that sales, operations, and profitability are developing well, and the refinancing plan they have drafted provides Aker BioMarine with a solid foundation for further growth.
Muri also comments that the refinancing plan is balanced and practical. Moreover, bondholders will have a receivable from a company with a considerably stronger financial backbone than is the case right now. According to the refinancing plan, Aker’s NOK 473 million net receivable from Aker BioMarine will be converted into equity through a private placement of Aker BioMarine shares.
Shareholders can maintain their proportionate ownership interest and can be provided with necessary additional liquidity because the plans are expected to carry out a private placement of shares directed at existing minority shareholders. The share price in this offering will be the same as in the private placement of shares directed at Aker. Both the share price and the final share issue amount will be determined at a later date.
