DGAP-Adhoc: Marenave Schiffahrts AG: Agreement with the underwriting banks

Marenave Schiffahrts AG / Key word(s): Agreement

24.04.2013 18:15

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Marenave Schiffahrts AG announced that an agreement on the restructuring of
the loans for a total of eight single ship subsidiaries of Marenave
Schiffahrts AG was reached today with the banks underwriting the financing.
Marenave Schiffahrts AG acts as guarantor for the loans for each of these
subsidiaries.

As discussed in past financial reports and interim reports from Marenave
Schiffahrts AG, the underwriting banks have already tolerated a suspension
of amortization payments and a breach of the 'loan-to-value' ratios
stipulated in the loan agreements for the subsidiaries since March 2012
without seeking the possible enforcement of their rights under the loan
agreements.

Under today's agreement, it was to suspend further regular amortization
payments until the end of 2015. Instead the plan provides for a variable
amortization structure which will be aligned with the operating cash flows
generated by the subsidiaries in question during that period. Starting in
2016 and through the end of each respective original contract term, fixed
quarterly amortization payments will be resumed, which will catch up on the
accrued amortization arrears over the remaining term of the loan. Free cash
generated by operating activities of the Group above an agreed specific
minimum level of liquidity will be used for additional principal repayments
until there are no amortization arrears compared to the original redemption
schedules.

The 'loan-to-value' clauses in the loan agreements are fully suspended
through the end of 2014. A sliding scale will be introduced staring in
2015, under which the required minimum 'loan-to-value' ratios will
gradually decrease over the coming years on a ship-by-ship basis.

The interest basis was converted until further notice from 'margin plus
cost of funds' to 'margin plus USD Libor' while the margin itself was
increased at the same time by 125 basis points, which will have the
overall-though not precisely quantifiable-effect of raising interest
expenses.

As part of the overall agreement that has been reached, the original term
of the service agreement with Schiffahrtsgesellschaft König & Cie. mbh &
Co. KG running up to 2026 is now shortened to 31 December 2017.

The Executive Board

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Language: English
Company: Marenave Schiffahrts AG
Axel-Springer-Platz 3
20355 Hamburg
Germany
Phone: 040 / 28 41 93 0
Fax: 040 / 28 41 93 297
E-mail: info@marenave.com
Internet: www.marenave.com
ISIN: DE000A0H1GY2
WKN: A0H1GY
Listed: Regulierter Markt in Hamburg; Freiverkehr in Berlin, München;
Frankfurt in Open Market

End of Announcement DGAP News-Service

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