Prosafe SE: Update on Recapitalisation

Core Viewpoint - Prosafe SE has reached an agreement for a recapitalization transaction with lenders, involving equitization of existing loan facilities and support from shareholders, aimed at restructuring the company's capital and improving liquidity [1][2][3]. Group 1: Transaction Details - The transaction will equitize USD 193 million of existing loan facilities in exchange for 90% of the shares in Prosafe post-transaction, with existing shareholders initially retaining 5% and having the option for an additional 5% through penny warrants [2][3]. - Post-transaction, the total gross debt is projected to be approximately USD 306 million, with total net debt around USD 220 million and unrestricted liquidity of about USD 80 million after transaction costs [3]. - The transaction includes a new super senior secured facility of USD 150 million and a reinstated senior secured facility of USD 75 million, both maturing on December 31, 2029 [7]. Group 2: Approval and Timeline - Completion of the transaction is contingent upon customary documentation, final lender approvals, and formal shareholder approvals, including an extraordinary general meeting [4][6]. - The company aims to finalize the transaction by Q3 2025 and will provide updates as developments occur [6]. Group 3: Management Commentary - The CEO of Prosafe expressed satisfaction with the support from lenders and shareholders, emphasizing that this agreement is a crucial step in refinancing and will help maintain Prosafe's position as a leading provider of floating accommodation vessels [7].