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JAKARTA, May 16, 2017 - (ACN Newswire) - The Directors of PT Wintermar Offshore Marine (WINS) are pleased to announce that a number of companies within the WINS group have completed loan rescheduling agreements with key lenders. Loan periods and Principal repayments have been amended to more closely align these debt service obligations with cash generated.
The Group considered this process necessary in view of the lower outlook on vessel utilization and charter rates following the sustained impact of lower oil prices globally and the reduction in spending by its major clients in the oil and gas extraction industry.
Amendments to outstanding bank debt of US$71.4 million have been agreed with the Group's major lenders, representing 93% of long term bank debt outstanding at 31 December 2016. A total of US$31.7 million of loan Principal due in 2017 and 2018 has been rescheduled to become due in 2018 to 2022. The agreements are subject to completion of certain matters by no later than 15 June 2017.
Contact:
Ms. Pek Swan Layanto
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62 21 530 5201 Ext 401
Email: investor_relations@wintermar.com
Topic: Loans & Financing
Source: PT Wintermar Offshore Marine Tbk
Sectors: Marine & Offshore
https://www.acnnewswire.com
From the Asia Corporate News Network
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