8 November 2013
Norwegian Car Carriers ASA has received a committed offer for the refinancing of a bank facility secured in three vessels. The refinancing will release net proceeds of about NOK 40,000,000 which will be applied to redeem a corresponding amount under the Bond. Through the refinancing the Company has stretched the repayment profile, extended the maturity until 1Q 2019 and achieved significantly reduced financing expenses going forward.
NOCC has today filed a notice with Norsk Tillitsmann ASA (the Bond Trustee) to exercise the option to redeem further NOK 40,000,000 of the NOCC01 NOK 225,000,000 10.5% 2010/2015 unsecured bond loan at a price of 102.5% of par value. The redeemed amount including the early redemption premium and accrued interest will be settled on 20 December 2013 (the "Settlement Date").
The redeemed bonds will be discharged on the Settlement Date. Following the part redemption the amount outstanding under the Bond will be NOK 145,000,000.
Engebret Dahm, CEO at NOCC comments: "we are continuing the efforts towards reducing the cost of capital and we are very pleased to be able to replace part of the Bond with attractively priced bank debt and thereby realizing a cost saving of approx. 7.50% p.a. on the redeemed amount."
About NOCC:
Norwegian Car Carriers ASA is a shipping company listed on the Oslo Stock Exchange with the ticker NOCC. The Company controls a fleet of 13 vessels for the transportation of cars and other rolling cargo.
NOCC - Norwegian Car Carriers ASA, press release