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Amounts in USD 1 000 2009 2008<br />
Secured debt 403 615 287 291<br />
Pledged assets<br />
Vessels and vessels under construction 427 232 251 092<br />
Bank deposits 17 268 25 418<br />
Trade and other receivables 82 657 0<br />
Investments in joint venture 9 784 15 023<br />
Total 536 941 291 533<br />
Effects of bond restructuring process see note 10<br />
(1) USD 111 000 000 senior secured credit facility (Sarah tranche):<br />
Facility lenders: Eksportfinans 90% / Standard Bank 10%<br />
Facility guarantees: GIEK 80% / Standard Bank 20%<br />
Effective <strong>Annual</strong> Interest:<br />
90% of the facility has interest rate of 3m Libor + 521 pts<br />
10% of the facility has interest rate of 3m Libor + 950 pts.<br />
Repayment of loan:<br />
90% of the facility has ten year duration with a straight line amortization schedule. 10% has seven year duration with a 10-year straight line amortization<br />
profile, with a bullet payment in year 7. The lender has the option to extend loan to 10 years.<br />
Sarah specific securities:<br />
First priority assignment of MSCH’s shares and assets, including the vessel Sarah, in MS Sarah Ltd. Parent guarantee from Marine Subsea AS and<br />
Marine Subsea Cyprus Holding Ltd.<br />
USD 111 000 000 senior secured credit facility (Karianne tranche):<br />
Loan will be made available for drawdown on delivery of Karianne in October 2010<br />
Karianne specific securities:<br />
First priority assignment of MSCH’s shares and assets, including the Vessel Karianne in MS Karianne Ltd. Parent guarantee from Marine Subsea AS<br />
and Marine Subsea Cyprus Holding Ltd.<br />
2) ISIN NO 001 056160.8 – Marine Subsea Cyprus Holding Ltd Exchange Bond – Series I Bond Issue 2009/2019<br />
Maturity 16 December 2019<br />
Outstanding amount: USD 246 500 000<br />
Interest/Installments:<br />
9% interest rising to 12% after first two years. The loan is structured with an option to PIK (Pay-in-kind) the first eight quarterly interest payments if<br />
inability to pay. The “Series I” bond loan has first priority of cash interest payments relative to the “Series II” bond loan.<br />
The amortization schedule is structured as a semi-annual cash sweep starting in the third quarter of 2011. All available cash as defined in the loan<br />
documents, less contributions from MS&Consafe Ltd and Marine Subsea UK Ltd, will be used to pay down the loan.<br />
46 Marine Subsea <strong>Annual</strong> <strong>Report</strong> 2009
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