Archer Limited: Archer has successfully amended and extended its debt facilities
Hamilton, Bermuda (March 13, 2020) Archer has secured a consensual amendment and extension of its debt facilities with all the lenders to the company. The new financing agreements secure a robust financial foundation: · Main loan facility extended until 1[st] October 2023 · A fixed amortization schedule reinstated · Interest margins unchanged · No new equity or liquidity required · Debt reduction of USD 45 million, equal to NOK 3.1 per share, through reduction of subordinated convertible loan in exchange for a lowered conversion strike price · Pro forma NIBD reduced