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BRIEF-Awilco LNG: amended deal with Teekay and contemplated private placement
May 18, 2017 / 2:38 PM / in 6 months

BRIEF-Awilco LNG: amended deal with Teekay and contemplated private placement

May 18 (Reuters) - AWILCO LNG ASA

* AWILCO LNG ASA: AMENDED AGREEMENT WITH TEEKAY AND CONTEMPLATED PRIVATE

* AWILCO LNG - MAIN SHAREHOLDERS AWILCO AS, UTHALDEN A/S AND ASTRUP FEARNLEY A/S WILL PARTICIPATE IN PRIVATE PLACEMENT AND SUBSCRIBE MINIMUM THEIR PRO-RATA SHARE OF EQUITY ISSUE (ABOUT 50% IN TOTAL)

* IN CONNECTION WITH PRIVATE PLACEMENT, CO SECURED PROLONGED AND MORE FLEXIBLE AGREEMENT WITH TEEKAY LNG FOR RESTRUCTURING OF CO‘S BAREBOAT CHARTERPARTIES

* NEW AGREEMENT WITH TEEKAY LNG INCLUDE EXTENSION OF CURRENT BAREBOAT CHARTERS FOR CO‘S TWO VESSELS (WILFORCE AND WILPRIDE) TO DEC. 31, 2019

* AMENDMENTS TO CONTRACTS WITH TEEKAY LNG ARE SUBJECT TO, INTER ALIA, COMPLETION OF PRIVATE PLACEMENT IN MINIMUM AMOUNT OF USD 25 MILLION

* NET PROCEEDS FROM PRIVATE PLACEMENT WILL BE USED TO STRENGTHEN COMPANY‘S BALANCE SHEET AND LIQUIDITY POSITION, AND SECURE FINAL AGREEMENT WITH TEEKAY LNG Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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