Gulf Marine Services PLC - Abu Dhabi-based provider of self-propelled and self-elevating support vessels for the offshore energy sector - Says it has now successfully completed the refinance of its debt, following on from its initial announcement in August. The firm said in August it had reached a deal with First Abu Dhabi Bank, Commercial Bank of Dubai and HSBC Bank, all of which have an equal participation in the company’s $250 million term loan and working capital facility, to refinance the group’s current bank debt.
Chief Financial Officer Alex Aclimandos says: ‘As described earlier, we are very happy to have secured this deal as it lowers our costs of borrowing and gives us flexibility on capital allocation, reflecting the trust of the lenders.’
Current stock price: 15.45 pence, up 0.7% in London on Monday morning
12-month change: up 6.6%
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