Ferd AS buys up the debt of Fjord Line AS and injects NOK 200M in the company.

The board of Fjord Line AS announced it accepted the negotiated solution for refinancing of senior debt, as well as implement the private placement towards Ferd AS of NOK 200 million.

The refinancing of long-term debt mainly involves postponement of installments in the amount of €6.188 million in the first half of 2016, and an option to postpone installments in the amount of €3.094 million in the second half of 2016.

The capital increase involves a subscription of 40 million shares in the company at a subscription price of NOK 5 per share, amounting to a total of NOK 200 million. Following the capital increase, Ferd AS will control 21.56 percent of the shares and Frode Teigen, through his holding companies Kontrari AS/Kontrazi AS, controls 57.86 percent of the shares in the company.

Ferd AS has also made a voluntary offer to all shareholders in the company at a price of NOK 5 per share, with the exception of Kontrari AS/ and Kontrazi AS.