Ocean Yield said late Monday that it successfully completed the sale of NOK 750m ($91m) in unsecured bonds.
The new debt will mature in September 2021 and carries a coupon of 450 basis points over the 3-month Norwegian Interbank Offered Rate (Nibor), which will be paid quarterly.
Ocean Yield says the net proceeds will be used to refinance existing debt from Aker ASA, finance future growth and for general corporate purposes.
Concurrently, Ocean Yield said it repurchased NOK 245.5m of OCY 02 with maturity in 2019 and NOK 92.5m of OCY 03 with maturity in 2020, to extend the average maturity of its outstanding bond loans.
Danske Bank, DNB Markets, Nordea Markets, Pareto Securities and Skandinaviska Enskilda Banken acted as joint lead arrangers in connection with the placement of the new bond issue.
An application will be made for the bonds to be listed on Oslo Stock Exchange.
