Ocean Yield AS (“Ocean Yield” or the “Company”) has today successfully completed a new senior unsecured bond issue of NOK 1,251 million, carrying a coupon of 3m NIBOR + 285bps p.a. with quarterly interest payments. The bond issue attracted strong interest and was well oversubscribed.
The net proceeds from the bond issue will be applied towards refinancing of outstanding debt, to facilitate growth, and for general corporate purposes.
In conjunction with the new bond issue, Ocean Yield has repurchased NOK 366 million of outstanding bonds with ticker OCY09 (ISIN: NO0013013813). Ocean Yield now holds NOK 366 million in OCY09 where the total nominal outstanding amount is NOK 1,050 million.
Arctic Securities, Danske Bank, DNB Carnegie, and SEB acted as Joint Lead Managers in connection with the placement of the new bond issue. BAHR acted as legal advisor to the Company. An application will be made for the bonds to be listed on Frankfurt Stock Exchange (Open Market) and Oslo Børs.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Ocean Yield AS is a ship owning company with investments in vessels on long-term charters. The company has a significant contract backlog that offers visibility with respect to future earnings.
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