Aker Kværner ASA successfully completes refinancing
28 November 2006 - The refinancing of Aker Kværner ASA announced on the 24th of October has been successfully concluded. The syndication of the bank facility of EUR 600 million has attracted substantial interest in the market and was significantly oversubscribed. Aker Kværner has therefore decided to increase this facility to EUR 750 million.
The issuance of the NOK denominated bonds were launched on the 15th of November. The bonds have been very well received in the market and Aker Kværner decided to close the books mid last week with a total amount of NOK 1.6 billion. The split in the 3, 5 and 7 years tranches were 500MNOK, 650MNOK and 450MNOK respectively. Payment date is the 1st of December 2006. Aker Kværner will consider further issuances in the bond market at a later stage.
Aker Kværner has today also formally called the subordinated bond to be redeemed at the price of 101,2% of the principal loan amount as agreed in the bondholders meeting November 9.
Furthermore, Aker Kværner will neutralise the existing EUR 260 million bond notes through a satisfaction and discharge as previously announced.
The above transactions will take place on the 1st of December 2006.
The refinancing of Aker Kværner will give a strong and flexible financing structure for the Group in the coming years.
ENDS
For further information, please contact:
For Aker Kvaerner ASA:
Media:
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36,
Mob: +47 92 88 55 42
Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, Tel: +47 67 51 30 39, Mob: +47 91 13 71 94
Treasury:
Jan B. Kjærvik, SVP Treasury, Aker Kvaerner, Tel: +47 67 51 30 38, Mob: +47 90 15 77 23
Lysaker, 28 November 2006