The deal was sealed earlier this week with SCF extending Atlantic Navigation with a $13m loan that is convertible into new ordinary shares in the capital of Atlantic Navigation.
Atlantic Navigation said the loan will be used to partially fund the cash portion for the purchase of the liftboat, the 2015-built AOS Maintainer I and related mobilisation costs. The liftboat costs $52m, comprising a cash portion of $15.6m. The balance of the vessel purchase will be funded by bank borrowings.
In consideration of SCF granting the loan, Atlantic Navigation has granted SCF an option to subscribe, in a single tranche, for new ordinary shares in the capital of Atlantic Navigation for a total of $8m at an exercise price of $0.31 per option share.
Concurrently, Atlantic Navigation’s executive chairman and ceo Wong Siew Cheong, who is also the controlling shareholder of the company, entered into a conditional sale and purchase agreement entitling SCF to purchase 19,354,839 shares owned by him.
The deals are subject to shareholders’ approval.
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