Aberdeen-based Altera Infrastructure has extended debt repayment periods and suspended cash distributions in efforts to improve near-term cash flows.
The shuttle tanker and offshore vessel owner, whose shares are traded in New York, said main sponsor Brookfield agreed to assume $700m in debt maturing between 2022 and 2024.
Altera will issue to Brookfield an equivalent amount of payment-in-kind notes, which will expire in 2026 and carry an annual interest rate of 11.5%.
