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SeaBird Exploration gains final consents for debt restructuring
New York, Aug. 1 – SeaBird Exploration Ltd. announced that it received the final consents required for it to implement its debt restructuring.
The company plans to close on the transactions “as soon as practically possible,” according to an announcement.
Aug. 3 is expected to be the record date for changes to its SBX04 bonds.
The restructuring will cut the company’s debt by $37.5 million, leaving it with $5.7 million in outstanding debt and no significant maturities until June 30, 2020.
Through the transactions, SeaBird’s SBX04 Tranche B, the claim under the Glander credit facility and the Munin claim will be converted into equity.
Bondholders gave approval at a meeting on June 2 and shareholders approved the actions at an extraordinary general meeting on June 13.
The final agreements are with Glander, which agreed that $1,911,896 outstanding under the loan plus accrued interest as of June 3 owed under the credit facility, will be repaid through the issuance of shares at NOK 5.00 per share.
The remaining $440,591 will be extended to June 30, 2020. No principal payments will be due until that date and interest will be paid in kind.
SeaBird agreed with TGS that all tranche A SBX04 bonds will be transferred to the company an accrued interest discharged in exchange for the transfer of title to the majority of the company’s multi-client library assets to TGS.
Tranche B bondholders and Glander will receive 25% of the income from any use, sale or other disposal of the libraries by TGS, less costs.
The Munin charter contract was extended to June 30, 2020 and the rate cut to $2,088 per day. The difference between the new rate and the old rate will be paid in stock at a rate of NOK 5.00 per share.
SeaBird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.
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