OKEA currently has two outstanding bonds – OKEA 02 and OKEA 03.
OKEA02
| Amount | USD 180m* |
| Interest | 3-mth LIBOR + 6.50% |
| Issue date | Jun-18 |
| Maturity | Jun-23 |
| Maturity price | 101% |
| Call Options | Jun 21-Dec 21: 104.500% Dec 21-Jun 22: 103.625% Jun 22-Dec 22:102.750% Dec 22-Jun 23: 101.500% |
| General restriction | No dividend / share buyback prior to the later of 1/1-22 and first oil at Yme. Distribution may not exceed 50% of net profit after tax (prior calendar year). Must offer to redeem the equivalent amount of bonds at 103%. When OKEA02 is fully redeemed, OKEA03 allows for an RBL (will be subordinated to the RBL). |
| Financial Covenants | – Leverage Ratio (Debt – Liquidity) / 12-mth rolling EBITDA of max. 3-7 until YE-21 and 2 thereafter – Capital Employment Ratio (Cash equity)/(Cash equity + Debt) in USD of min. 35% – Minimum Cash of USD 10m unrestricted |
* USD 6.3m has been cancelled
OKEA03
| Amount | USD 120m |
| Interest | 8.75% |
| Issue date | Dec-19 |
| Maturity | Dec-24 |
| Maturity price | 101% |
| Call Options | Dec 22: Make whole Dec 22-Jun 23: 104.5% Jun 23-Dec 23: 103.2% Dec 23–Jun 24: 102.3% Jun 24-Dec 24: 101.5% |
| General restriction | No dividend / share buyback prior to the later of 1/1-22 and first oil at Yme. Distribution may not exceed 50% of net profit after tax (prior calendar year). Must offer to redeem the equivalent amount of bonds at 103%. When OKEA02 is fully redeemed, OKEA03 allows for an RBL (will be subordinated to the RBL). |
| Financial Covenants | – Leverage Ratio (Debt – Liquidity) / 12-mth rolling EBITDA of max. 3-7 until YE-21 and 2 thereafter – Capital Employment Ratio (Cash equity)/(Cash equity + Debt) in USD of min. 35% – Minimum Cash of USD 10m unrestricted |