Aker Yards to Refinance

Friday, March 10, 2006
In order to finance the acquisition in France, already announced, to strengthen the balance sheet as a result of increasing activity, and to make the debt structure more long term, Aker Yards is currently working on re-financing its debt. The current business environment allows the Group to obtain a more optimal debt structure. This includes refinancing of the existing syndicated bank loan, increasing the loan to $149 million, with maturity in 2011, and the issue of two new, seven year bonds. Aker Yards ASA has decided to issue two new Bond loans with a combined total loan amount of up to $89 million. Pareto Securities ASA and DnB NOR Markets have been mandated as arrangers for the new bond issues. The bonds will be senior unsecured, carry a coupon of Nibor/ Swap plus 2.50 percentage points, and will mature in April 2013. Settlement date for the two bond loans is expected to be April 5.
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