Ocean Yield says it’s looking at an equity raise through the issuance of new shares in a private placement.
The Lars Solbakken-led company said in a release to the Oslo stock exchange that the “contemplated” private sale would entail up to 13.4 million new shares, or just under 10% of its current share count. The company said it has engaged Danske Bank, DNB, Nordea, Pareto Securities and SEB for the sale, which will be directed towards institutional investors.
Aker, which already owns 72.9% of Ocean Yield, says it already subscribed to 6.7 million of the new shares. But that allotment may be reduced if there is sufficient demand from new investors.
Ocean Yield said the new capital will be used to finance further growth and for general corporate purposes. The private placement remains conditional on Ocean Yield’s board approving the subscription price and allocation of the offer shares.
The subscription price for the issuance will be set through an accelerated book-building process set by the banks that begins 31 August and will close 1 September. The minimum order size and allocation in the private placement is for EUR 100,000.
