Wintermar completes loan rescheduling with key lenders
Tuesday, May 16 2017 - 02:48 PM WIB
IDX-listed shipping company PT Wintermar Offshore Marine (WINS) said that a number of companies within the WINS group have completed loan rescheduling agreements with key lenders.
?Loan periods and principal repayments have been amended to more closely align these debt service obligations with cash generated,? WINS said in a statement Tuesday.
The company said it considered this process necessary in view of the lower outlook on vessel utilization and charter rates following the sustained impact of lower oil prices globally and the reduction in spending by its major clients in the oil and gas extraction industry.
The company said amendments to outstanding bank debt of US$ 71.4 million have been agreed with the group's major lenders, representing 93 percent of long term bank debt outstanding at December 31, 2016. A total of $31.7 million of loan principal due in 2017 and 2018 has been rescheduled to become due in 2018 to 2022. The agreements are subject to completion of certain matters by no later than June 15, 2017.
WINS is an Indonesian offshore marine services company that owns a fleet of 80 vessels ready to handle a large variety of marine support services required in upstream oil and gas exploration and production activities including transporting crew, equipment and supplies, as well as providing services such as anchor handling, towing, and mooring of offshore rigs.
Editing by Reiner Simanjuntak