Oslo/Rhoon, 2 July 2020 – Reference is made to the announcement on 19 June 2020 regarding MPC Container Ships Invest B.V. (the "Issuer"), a wholly-owned subsidiary of MPC Container Ships ASA ("MPCC"), summons to bondholders' meeting for the USD 200,000,000 senior secured bond issue MPCBV01 - ISIN NO 0010805872 (the "Bond"), in the context of proposing certain amendments to the terms of the Bond.
Following further discussions between MPCC, the Issuer, their advisors, certain bondholders, as well as certain other stakeholders, the Issuer has requested Nordic Trustee AS as Bond Trustee and Security Agent to amend and restate the initial proposal to the benefit of bondholders. The revised proposal are set out in the attached addendum and involves, inter alia, injecting USD 27.5 million in MPCC, of which USD 20 million shall be injected into the Issuer. In addition, certain improvements are made to the PIK interest, the liquidity covenant, call option, redemption price at maturity and additional reporting requirements for the other wholly-owned subsidiaries of MPCC.
A copy of the addendum to the initial summons is attached hereto. The amended terms represent improvements for the bondholders compared to the initial proposal and voting proxies already submitted in favour of the proposal do not need to be re-submitted.
DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS have been appointed as financial advisors to MPC Container Ships ASA and MPC Container Ships Invest B.V.
For further queries, please contact:
About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code "MPCC") was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. The Company is registered and has its business office in Oslo, Norway.
About MPC Container Ships Invest B.V.:
MPC Container Ships Invest B.V. was formed in September 2017 as a wholly-owned subsidiary of MPC Container Ships ASA. The company's main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. On 14 June 2018, MPC Container Ships Invest B.V. listed its USD 200 million senior secured bond with ISIN NO0010805872 on the Oslo Stock Exchange (ticker code "MPCBV"). For more information, please see our webpage: www.mpc-container.com.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.