Altera Shuttle Tankers has succeeded in selling an expanded bond issue with a lower interest tariff.
The UK subsidiary of US group Altera Infrastructure said earlier this month that it was aiming to raise between $100m and $150m through a new four-year debt sale.
The operator of 18 shuttle tankers has now revealed it sold $200m of bonds expiring in March 2028.
The notes carry a fixed coupon of 9%.
That compares with 9.5% payable on a $180m issue due in December 2025.
There is also a cheaper $125m series outstanding with a 6.71% coupon that matures in October this year.
AST said net proceeds will be used to refinance existing debt and for general corporate purposes.
The series will be listed in Oslo.
Arctic Securities, Danske Bank, DNB Markets, Nordea and SEB acted as joint bookrunners and Credit Agricole CIB as co-manager.
AST has said it may offer a partial buyback of one or both outstanding bonds in conjunction with the issue.
Last November, it repurchased $1.5m of the 2025 notes.
The company posted a fourth-quarter loss of $20.4m, compared with a $28.3m profit for the same period in 2022.
Revenue fell to $111.1m from $165.4m year on year.
