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Harneys Cyprus advises on Songa Offshore refinancing

30 June 2016

Harneys acted as Cypriot legal counsel in Cyprus to Songa Offshore SE on comprehensive refinancing. Songa is an international offshore drilling company with a strong presence in the North Atlantic basin and a long-standing client of Harneys.

The 2016 refinancing project involved (i) raising a subordinated convertible bond of US$125m (ii) a subsequent equity offering of up to USD 25m at NOK 0.15 per share; (iii) a full conversion to equity of the Company's existing US$150 convertible bond SONG06 at NOK 0.176 per share; (iv) significant interest reductions, conversion of accrued interest claims to new shares in the Company, maturity extensions and other amendments to the Company's senior unsecured bond loans SONG04, SONG05 and the shareholder loan from Perestroika AS, and (v) amendments to the Company's secured debt facilities. The New Convertible Bond is partly underwritten by way of a US$91.5m bridge financing which was issued on 17 March 2016 and subscribed for in full by the largest stakeholders in the Company. The team also advised on securities law issues, the share class structure, issuance of warrants and handled all Cyprus matters relating to the issuance of the prospectus.
 
The Harneys team was led by Nancy Erotocritou (Partner) for capital markets and Demetris Loizides (Partner) for corporate law matters and included Associates Demetris Nicolaou and Alexia Shakou.