Summons to bondholders meetings in Dolp01 and Dolp02
Reference is made to each of (i) the “FRN Dolphin Group ASA Senior Unsecured Bond Issue 2012/2018” with ISIN NO 001 0662901 (the “Dolp01 Bond Issue”) and (ii) the “FRN Dolphin Group ASA Senior Unsecured Bond Issue 2013/2019” with ISIN NO 001 0697220 (the “Dolp02 Bond Issue” and together with the Dolp01 Bond Issue, each a “Bond Issue” and collectively the “Bond Issues”), where Dolphin Group ASA (“Dolphin” or the “Company”) is the issuer and Nordic Trustee ASA is the bond trustee (the “Bond Trustee”).
The Company has approached various stakeholders in the Company, including the Bond Trustee to discuss a potential restructuring of the financial indebtedness of the Company and its subsidiaries (the “Group”). The major stakeholders have indicated to the Company that they prefer to see a financially restructured Company and a continuation of its business.
The Company is currently working with its advisors on a restructuring solution for the Group’s debt and obligations, and raising new capital, to be put forward to the Group’s creditors and shareholders for approval (the “Restructuring”).
The Company's available liquidity is limited, and the Company requires a deferral of interest that is due on the DOLP02 Bond Issue on 5 December 2015, in order to maintain adequate operating liquidity. Furthermore, the Company requires a waiver from certain covenants and obligations pursuant to the respective Bond Agreements, in order to continue the discussions with its stakeholders and obtain support for the contemplated Restructuring.
Accordingly, the Company has requested the Bond Trustee to convene a Bondholders’ meeting for each Bond Issue in order to seek formal consents and approvals to the above mentioned interest deferral, as well as certain standstill terms (as further set out below) which will facilitate the discussions with major stakeholders and the proposed Restructuring process.
More specifically, Dolphin has called for a bondholders’ meeting in each Bond Issue, requesting, inter alia, that:
(i) the Bondholders in the DOLP02 Bond Issue consent to defer the interest payment date falling due on 5 December 2015 until 15 February 2016;
(ii) the Bondholders in each Bond Issue consent and agree that throughout the period until 31 January 2016, the liquidity covenant set out in Clause 13.4 (e) (i) in the respective Bond Agreements is suspended; and
(iii) the Bondholders in each Bond Issue consent and agree that, throughout the period until 31 January 2016 and on certain conditions, the Bondholders will refrain from exercising any default or termination rights which may otherwise be or become available under the respective Bond Agreements, and refrain from taking any enforcement or similar action against the Dolphin or any subsidiary of Dolphin or any of their assets.
The summons to the bondholders’ meetings can be accessed through the following link:
Further information will be given as soon as possible.
Erik Hokholt, CFO
Mobile: +47 90 75 60 64
E-mail: erik.hokholt@dolphingeo.com
Dolphin Group ASA is the Parent company of Dolphin Geophysical AS, a global full-range, asset light supplier of marine Geophysical services. Dolphin operates a fleet of new generation, high-capacity seismic vessels and offers contract seismic surveys, Multi-Client projects and processing services on a worldwide basis.
Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).