Color Group has raised NOK 900m ($84m) in a new five-year bond issue.
The Norwegian cruise ferry owner issued a new senior unsecured bond issue with maturity on 23 April 2029.
It is Color Group’s 19th bond issue in the Nordic market.
The transaction was substantially oversubscribed, the company said in a statement.
The bonds will pay a coupon of three-month Nibor plus 3%.
Color Group will apply for the new bonds to be listed on the Oslo Stock Exchange.
The net proceeds from the issue will be used for refinancing of existing debt and general corporate purposes.
Last week, the company said it may offer a conditional buyback in its outstanding bond with ticker COLG16 in connection with the new issue.
A buyback will be contingent upon investors subscribing to the new bond issue.
The COLG16 bond has close to NOK 800m in outstanding amount and has maturity in October 2024.
Color Line has a fleet of five cruise ships.
It operates four ferry lines between seven ports in Norway, Germany, Denmark and Sweden.
Color Group is the holding company of Color Line.
Arctic Securities, Danske Bank, DNB Markets, Nordea and SEB acted as joint lead managers in connection with the placement of the new bond issue.
