BOURBON Reaches Deal to Reorganize Its Debt

File photo: Bourbon

Posted by Eric Haun

French offshore vessel operator BOURBON said it has signed an
agreement with its financial partners providing for the
rescheduling of the maturities of a large part of its financial
debt.

Out of long- and medium-term debt totaling €692 million, €365
million of repayments due between 2016 and 2018 have been
rescheduled and reduced to an amount of €63 million not repayable
until 2018. The remainder of the debt, i.e. €629 million, will
henceforth be repaid progressively between 2019 and 2025; the
weighted average of the spreads applicable to these facilities
will initially represent approximately 2.1 percent from October
1, 2017, then approximately 3.1 percent from January 1, 2020 and
lastly approximately 4 percent from January 1, 2022.

Short term facilities amounting to €196.8 million will be
refinanced and maintained at this level from 2017 to 2020
inclusive, before being repaid progressively afterwards, while
€22 million in short-term credits will be maintained and repaid
progressively as from 2018; the weighted average of the spreads
applicable to these facilities will initially and from the
completion date represent 1.9 percent, then 2.9 percent from
January 1, 2020 and lastly 3.9 percent from January 1, 2022.

In the context of such agreements, additional debts due in 2017
in an amount of €143 million will be rescheduled in order to
benefit from progressive repayment until 2022, after the
completion of discussions, some of which are to be finalized by
June 2017.

"The confidence of our financial partners - on top of that of our
customers and associates in the countries where we operate - is a
tremendous encouragement for all those whose day-to-day efforts
give life to BOURBON and prepare the innovative solutions of
tomorrow in a profession facing profound changes," said Jacques
de Chateauvieux, Chairman and Chief Executive Officer of BOURBON
Corporation.

The agreements are subject to conditions precedent to be
fulfilled by June 30, 2017 and is to be implemented by July 15,
2017 at the latest. It will be described in detail in BOURBON
Corporation's 2016 registration document.

Mar 8, 2017

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