Refinancing of Samson

By 1 June, 2012Announcements

1 June 2012

US$23.4m Secured Credit Facility

Miclyn Express Offshore Limited (“Miclyn”) (ASX : MIO) is pleased to announce that it has concluded a financing agreement with GE Capital for secured credit facilities of US$23.4m to be used to refinance the existing credit facility for Samson Maritime Holdings Pty Ltd, acquired fully by Miclyn in December 2011. The refinancing was completed in conjunction with a restructuring of the Samson Maritime Group, reducing the cost base of the newly acquired business.

Miclyn’s Chief Executive Officer Diederik de Boer said “GE Capital understands our business priorities and is able to provide financing to support the ongoing growth of Miclyn. A strong working relationship has been developed which has facilitated deal closure and will be invaluable in the future. We look forward to a successful partnership ahead as we continue to grow and expand our fleet of vessels”. GE Capital is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for corporate acquisitions, refinancings and restructurings. Christophe Cerisier, GE Capital’s Managing Director for Structured Finance, said “We’re delighted with this new partnership with Miclyn. The company is a valued client and as a leader in the marine service vessel industry, Miclyn has grown significantly by providing the highest quality fleet of vessels and services to oil and gas customers in Asia Pacific and the Middle East. By providing clients like Miclyn with structured financing solutions, GE Capital is able to address the unique financing needs of Asia-headquartered multinational corporations”.

About MIO Miclyn Express Offshore is a leading provider of service vessels to the expanding offshore oil and gas industry, across South-East Asia, Australia and the Middle East. The Group charters a diverse range of OSVs, Crew/Utility Vessels, Tugs, Barges and Coastal Survey Vessels to a wide range of customers operating across all phases of the offshore oil and gas cycle, namely exploration, development and production, as well as project transportation and the offshore civil construction industry. The Group operates a vertically integrated business model through its vessel chartering and shipyard businesses. The shipyard provides in-house vessel newbuilding, conversion, repair and maintenance services, as well as third party vessel conversion, repair and maintenance services when spare capacity exists.

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