A new 3-year senior secured bond with an initial issue amount of USD 125 million may follow, subject to inter alia market conditions. Net proceeds from the contemplated bond issue will, together with cash on balance sheet, be used to repay the Company’s outstanding USD 120 million senior secured bond with ISIN NO 001 0869175 (“OKEA03”). Subject to completion of the refinancing, the Company will issue a call notice for full repayment of OKEA03 at prevailing call price.
Furthermore, in connection with the contemplated refinancing, OKEA has received commitment from DNB Bank ASA for a new USD 25 million super senior revolving credit facility (the “RCF”). The RCF will be put in place subject to a successful refinancing of OKEA03 and will have a tenor of 2.5 years. The RCF will be available for working capital purposes and will enhance financial flexibility for the Company.
This information is considered to be inside information pursuant to Regulation EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by Anca Jalba, VP IR & Communication, OKEA ASA on 24 August 2023 at 08:00.