Bonds - OKEA

Bonds

OKEA currently has two outstanding bonds – OKEA02 and OKEA03.

OKEA02: ISIN NO 0010826852

AmountUSD 180m*
Interest3-mth LIBOR + 6.50%
Issue dateJun-18
MaturityJun-23
Maturity price101%
Call optionsDec 21-Jun 22: 103.625%
Jun 22-Dec 22:102.750%
Dec 22-Jun 23: 101.500%
General restrictionDistribution may not exceed 50% of net profit after tax (prior calendar year). Must offer to redeem the equivalent amount of bonds at 103%.
Financial covenants– Leverage Ratio (Debt – Liquidity) / 12-mth rolling EBITDA of max. 2

– 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: ISIN NO 0010869175 

AmountUSD 120m
Interest8.75%
Issue dateDec-19
MaturityDec-24
Maturity price101%
Call optionsDec 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 restrictionDistribution may not exceed 50% of net profit after tax (previous four quarters). 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. 2

– Capital Employment Ratio (Cash equity)/(Cash equity + Debt) in USD of min. 35%

– Minimum Cash of USD 10m unrestricted