Conyers advised BW Offshore Limited, a Bermuda company listed on the Oslo Stock Exchange (the “Company”), on a restructuring to implement a new long-term financial platform for the Company, which is expected to contribute more than US$500 million in improved liquidity in the period through 2020 and thereby give the Company a significant runway until an expected market recovery.
The implementation of the new long-term platform for the Company comprised:
(i) A fully underwritten US$100 million rights issue, comprising new common shares at a subscription price of NOK0.10 per share, which was over oversubscribed by 44%;
(ii) Amendments to the Company’s US$2.4 billion credit facility and other credit facilities, including (without limitation), where applicable, extending the maturity to 2020, reducing the amortisation rate, increasing the margin and amending the leverage ratio and equity ratio covenants; and
(iii) Amendments to the Company’s four unsecured bond issues, including extending the maturity and, inter alia, amending the redemption terms, equity ratio and margin.
The Conyers team comprised Directors: Guy Cooper and Sophia Greaves and Associate, Jennifer Panchaud of the corporate department in the Bermuda office of Conyers, working alongside Advokatfirmaet Thommessen AS and Cleary Gottlieb Steen & Hamilton LLP, in connection with the rights issue, and Wikborg Rein & Co Advokatfirma, in connection with the amendments to the US$2.4 billion facility and other credit facilities and amendments to the four unsecured bond issuances.