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Nordic American Offshore to acquire thirteen vessels from Scorpio Offshore Holdings

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Christian Fernsby ▼ | April 8, 2019
Nordic American Offshore announced that it has reached agreement with the lenders under Nordic American Offshor's $150 million revolving credit facility, dated March 16, 2015 pursuant to which the lenders have agreed, upon satisfaction of certain conditions precedent by the Company, to the extension of waivers up until January 31, 2020.
Nordic American Offshore
Acquisition   Nordic has announced that it has entered into a common stock purchase deal
Nordic American Offshor has also announced that the lenders have committed, upon satisfaction of certain conditions precedent by Nordic American Offshor, to a new $132.9 million term loan facility with maturity of December 6, 2023 to refinance the credit facility, which has an outstanding balance of $132.9 million as of the date of this press release.

As part of the above agreements, Nordic American Offshor will acquire thirteen vessels from Scorpio Offshore Holdings Inc. for consideration in common shares worth approximately $22.6 million in aggregate.

Additionally, Nordic American Offshor has announced that it has entered into a common stock purchase agreement with two affiliated entities which are accredited investors. The Equity Line of Credit provides for $20 million to be available on demand to Nordic American Offshor in exchange for common shares priced at 0.94 multiplied by the then-prevailing 30-day trailing VWAP. Clarksons Platou AS acted as advisor in this transaction.


 

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