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Friday, 16 June 2017

Archer Limited : Update on comprehensive refinancing - Scheme of Arrangement sanctioned by the Supreme Court of Bermuda

Archer Limited    

Published: 16:08 CEST 16-06-2017 /GlobeNewswire /Source: Archer Limited / : ARCHER /ISIN: BMG0451H1097

Archer Limited : Update on comprehensive refinancing - Scheme of Arrangement sanctioned by the Supreme Court of Bermuda

Hamilton, Bermuda (16 June, 2017)

Further to the press release issued by the company on 3 May 2017, Archer Limited ("Archer") is pleased to announce that the scheme of arrangement (the "Scheme") in connection with the debt refinancing of the company (the "Refinancing") was sanctioned by the Supreme Court of Bermuda at the sanction hearing which took place at 10 a.m. (Bermuda time) on 16 June 2017.

A copy of the court order sanctioning the Scheme has been delivered to, and acknowledged by the Registrar of Companies of Bermuda and the Scheme became effective and legally binding on 16 June 2017.

Completion of the Refinancing is planned to become effective on or before the next interest payment date on 29 June 2017, subject to satisfaction of the remaining conditions precedent to the documentation, all of which are within Archer's control. 

The sanctioning of the Scheme has secured the implementation of the Refinancing of Archer. As outlined in the press release of 28 February 2017, the Refinancing provides Archer with sufficient liquidity going forward and no fixed amortizations before March 31, 2020.

Enquiries:

Dag Skindlo, CFO and EVP Strategy
+ 47 98 22 66 24
dag.skindlo@archerwell.com

Joachim Houeland, Corporate Treasurer
+47 482 78 748
joachim.houeland@archerwell.com   

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.




This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Archer Limited, Travbaneveien 3 P.O. Box 338, Stavanger 4002, Norway
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