Color Group intends to issue a new hybrid bond in Norwegian kroner.
It will be the Norwegian cruise ferry owner’s 20th bond issue in the Nordic market.
The Oslo-based company has mandated Arctic Securities, Danske Bank, DNB Markets, Nordea and SEB to arrange fixed-income investor meetings, starting today.
A new NOK-denominated subordinated perpetual hybrid bond issue with a first call date in three-and-a-half years may follow, according to a statement.
Proceeds from the new issue will be used to refinance existing debt and general corporate purposes.
The company may offer conditional buybacks in its outstanding hybrid bond with ticker COLG17 with a first call date of 16 December 2024.
Buybacks are conditional on the successful placement of the new bond.
The company continues to experience operational tailwinds, and the ordinary operational outlook for 2024 is expected to be in line with the previous year, the owner said.
In April, Color Group issued a NOK 900m ($84m) senior unsecured five-year bond for another refinancing.
The bonds pay a coupon of three-months Nibor plus 3%.
