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2010-02-23 13:03:56 CET 2010-02-23 13:04:38 CET REGULATED INFORMATION Atlantic Petroleum P/F - FyrirtækjafréttirLoan terms changedLoan terms changed Atlantic Petroleum has agreed with its lenders to change the terms and conditions for the remaining DKK 258m of bridge financing. Tórshavn, Faroe Islands, 23rd February 2010 - P/F Atlantic Petroleum (OMX: FO-ATLA)announces that it has agreed changes to the terms and conditions for the downpayment of the current debt of DKK 211m to Eik Banki and DKK 47m to Føroya Banki. Under the agreement with Eik Banki DKK 194m will be transferred into a 5 year senior facility expiring 11th december 2014 while DKK 17m will remain as a short term loan expiring on 31st december 2010. It has further been agreed that the Company shall endeavour to pay down the DKK 194m facility to DKK 130m within 2010. Under the agreement with Føroya Banki the current DKK 50m credit facility expiring on 31st December 2010 shall be replaced with a new rolling credit facility of DKK 35m.The terms and conditions for the credit facility requires that the drawdown on the credit shall be payable within 3 months cashflow at any time.Further the basis for the credit will be reviewed quarterly. Commenting on the improved loan conditions, Sigurð í Jákupsstovu, CEO of Atlantic Petroleum: “It is very positive that our debt is now converted into longer term facilities. Although we are aiming to pay down significant portions of the debt already in 2010, these agreements combined with the expected strong cashflow gives the Company the flexibility it needs to plan for future expansion and improved profitability.” Further Details Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel +298 350 100 (sigurdj@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo On the website, it is also possible to sign up for the Company's e-mail newsletter. Announcement no. 3/2010 Issued 23-02-2010 P/F Atlantic Petroleum Telephone +298 350 100 Gongin 9 Fax +298 350 101 P.O. Box 1228 Website: www.petroleum.fo FO-110 Tórshavn E-mail: petroleum@petroleum.fo Faroe Islands |
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