PA Resources obtains waiver and amendment for Norwegian bond loan
PA Resources AB (publ) announces that the bondholders under the Norwegian bond loan (ISIN: NO 001 060572.8) has during a bondholders’ meeting on 28 June 2013 unanimously granted the company, after quorum was achieved, a waiver and an amendment of the terms and conditions of the Norwegian bond loan whereby the minimum required equity level is reduced from SEK 2 billion to SEK 1 billion.
Due to the proposed fully underwritten rights issue, announced on 5 June 2013, in which the company intends to increase the Group’s equity and the Group’s equity in relation to capital employed to levels exceeding the minimum levels that apply in the terms and conditions for the Norwegian bond loan, the bondholders have granted PA Resources AB a waiver. The waiver is required since PA Resources may be in a breach of its financial covenants in the interim report for the second quarter 2013.
The granted waiver and amendment are conditional upon that the bond holders under the Swedish bond loan (ISIN: SE0003652577) grants the company a waiver at the upcoming bondholder’s meeting. No charges will be made for the waiver.
Stockholm, 1 July 2013
PA Resources AB (publ)
For additional information, please contact:
Tomas Hedström, CFO, +46 706534108
PA Resources AB is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,184 million in 2012. The share is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 8.30 a.m. CET on 1 July 2013.
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