Extract to table

Specific considerations include: (i) The circle-up items will need to be revised to reflect the updated financial disclosure, including new revenue, EBITDA, total assets, total debt, and other metrics; (ii) The comfort letter must generally be dated within 135 days of the most recently audited financial statements

CMV should be engaged early in the reactivation process to provide preliminary valuation guidance; (iv) Any fleet additions, dispositions, or changes in flag-state registration during the dormancy period must be reflected in the updated appraisal and the security package generally

Market Re-Assessment Prior to reactivation, a comprehensive market re-assessment will be required: (i) ABS (Marcus Reinhardt, Priya Subramanian, David Loh) and HPI (James Ogilvie, Sophie Chen) should be engaged to provide an updated market sounding on the appropriate coupon, issue price, and overall investor demand for a shipping high-yield credit of TSL's profile; (ii) The TSL board of directors and Pelagos Capital Partners should review and approve revised pricing economics, taking into account any changes to the coupon, OID, and total cost of capital; (iii) TSL management has indicated (as of the most recent communications during the September 8, 2023 check-in) that the BDI must sustain above 2,000 before reactivation would be considered