Amendments to the existing revolving credit facility take effect
Oslo, 15 March 2022: Reference is made to the stock exchange announcements by SATS ASA (“SATS” or the “Company”) published on (i) 16 February 2022 regarding the successful completion of a private placement of new shares (the “Private Placement”), and (ii) on 15 March 2022 regarding the registration of the share capital increase pertaining to the second tranche of the Private Placement with the Norwegian Register of Business Enterprises.
The one year extension of the Company’s current lending facilities until September 2025, and the more flexible terms for the currently applicable covenants take effect as of today following the registration of the share capital increase pertaining to the second tranche of the Private Placement with the Norwegian Register of Business Enterprises.
The one year extension is for the full amount of NOK 2.5 billion under the lending facilities, as both of the Company’s lenders have agreed to the extension. The adjusted covenants will be applicable to and including 31 December 2023, subject to voluntary cancellation by the Company at any time. The adjusted covenants set out quarterly minimum levels for liquidity and reported EBITDA, with the latter entering into force from Q1 2023. SATS will not distribute any dividend to the shareholders during the amendment period and shall be compliant with the original covenants once the amendment period expires.