OKEA currently has one outstanding bond – OKEA04.
Links to Prospectus:
Registration Document
Securities Note
Summary
OKEA04: ISIN NO 0013009282
| Amount | USD 125m |
| Interest | 9.125% |
| Issue date | September 2023 |
| Maturity | September 2026 |
| Call options | Sep 23 – Mar 25: Make whole Mar 25 – Sep 25: 104.56% Sep 25 – Mar 26: 103.01% Mar 26 – Sep 26: 100.50% |
| Permitted distribution | Up to 50% of the net profit after tax (previous four quarters) Distribution up to 100% of net profit after tax (previous four quarters) if net cash positive Incurrence Test in relation to distribution: Leverage Ratio does not exceed 1.25:1.0x; liquidity of no less than USD 50m |
| Financial covenants | Leverage Ratio (Total Debt – Liquid Assets) / 12-mth rolling EBITDA of no more than 1.75x |
| General restriction | Minimum Liquidity of USD 25m Incurrence Test in relation to Financial Indebtedness: Leverage Ratio does not exceed 1.50:1.0x |