TransAtlantic plans issuance of debt certificates
As previously made public, Rederi AB TransAtlantic has initiated certain measures in order to strengthen the company’s profitability and liquidity, and to allow for a stable financing situation in the short and long term. As part of this effort, TransAtlantic plans to issue short term debt certificates up to a total of SEK 140 million. The certificates will constitute bridge financing until the previously announced rights issue of shares amounting to SEK 150 million has been completed (scheduled for the fourth quarter of 2013).
As a result of the previously announced rights issue, the recently completed Viking Supply Ships bond issue of NOK 100 million, the company’s on-going operational improvement process and sales of assets, TransAtlantic’s cash closing balance is expected to improve by approx. SEK 237 million; from SEK 203 million by end of May 2013 to an estimated cash closing balance of approx. SEK 440 million in December 2013. The operational cash flow is during the same period of time expected to be slightly negative.
The presentation that will be given in meetings with prospective investors is available on www.rabt.se.
In connection with the planned issue of debt certificates, Pareto Öhman AB is TransAtlantic’s financial advisor, Mannheimer Swartling Advokatbyrå is TransAtlantic’s legal advisor and Gernandt & Danielsson Advokatbyrå is Pareto Öhman AB’s legal advisor.
This press release may contain forward-looking statements that reflect TransAtlantic's current view of future events as well as financial and operational development. Words such as “intend”, “assess”, “expect”, “may”, “plan", “estimate” and other expressions involving indications or predictions regarding future development or trends, not based on historical facts, identify forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the actual outcome may differ materially from forward-looking statements.
For further information, please contact:
CFO Erik Hansen, ph: +46 766 472612, erik.hansen(at)rabt.se
Head of Corporate Communications Carina Dietmann, ph: +46 766 472734, carina.dietmann(at)rabt.se
Rederi AB TransAtlantic (RABT) is a leading Swedish shipping company with headquarters in Gothenburg, Sweden and additional offices in Europe. The company is organized into two business areas: Viking Supply Ships and Industrial Shipping. Viking Supply Ships, operating within offshore and icebreaking, is also a wholly owned subsidiary of RABT. The Industrial Shipping business area consists of three divisions: Bulk, Container and RoRo. The Group has about 800 employees and the turnover in 2012 was MSEK 3,274. The company’s B-shares are listed on the NASDAQ OMX Stockholm, Small Cap segment. www.rabt.se
TransAtlantic is obliged to make this information public according to the Financial Markets Act and/or the Financial Instruments Trading Act (Sw: lagen om värdepappersmarknaden and lagen om handel med finansiella instrument). The information was submitted for publication on June 17, 2013 at 08.30 a.m.