Reference is made to previous announcements concerning the refinancing (the "Refinancing") of Prosafe SE ("Prosafe" or the "Company") as announced on 7 July 2016, and the announcement of 5 September 2016 whereby it was reported that the approval of all stakeholders had been secured, and that the Company would proceed with completion of the refinancing.
As set out in the release on 5 September 2016, the relevant bank and bond documentation has now been executed. In addition, the Company has today issued 4,376,600,000 new class A shares in connection with the private placement closed on 12 July 2016. The shares will be delivered to subscribers against payment on 14 September 2016.
Following this, and pending issuance of additional class A shares as part of the bond conversion, the Company has 4,636,170,359 shares outstanding, consisting of 259,570,359 ordinary shares and 4,376,600,000 Class A shares (all shares with equal rights in all respects, save for the rights of conversion of the Class A shares into ordinary shares). Following completion of the bond conversion and issuance of additional Class A shares thereunder, the Company will have 6,033,006,609 shares outstanding, consisting of 259,570,359 ordinary shares and 5,773,436,250 class A shares. Pending completion of the capital reduction (as described in the Refinancing terms, the ordinary shares will have a nominal value of EUR 0.25 each. The Class A Shares have a nominal value of EUR 0.001 each. Following completion of the capital reduction, all shares will have nominal value of EUR 0.001 each.
The Company is now proceeding with the remaining completion steps in accordance with the following timeline:
| Date | Action |
| 14 September 2016 | Redemption of bonds against settlement under the Cash-out Option and the Convertible Bond |
| 14 September 2016 | Delivery of shares to subscribers in the private placement (subject to due and timely payment) |
| 14 September 2016 | Record date for conversion of bonds to shares |
| 16 September 2016 | Conversion of bonds to class A shares |
| 16 September 2016 | Listing of all class A shares on the Norwegian OTC list (N-OTC) |
| 16 September 2016 | Record date for remaining forced cash conversion of bonds |
| 20 September 2016 | Settlement of the remaining bonds forced to cash conversion |
Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com
Larnaca, 13 September 2016
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:
Glen Ole Rødland, Interim Chairman
Prosafe SE
Phone: +47 907 41 662
Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 478 07 813
Robin Laird, Acting CFO
Prosafe Offshore Services Pte Limited
Phone: +65 81 27 21 01
Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 991 09 467