OKEA Launches US$120 Million Issuance of Senior Secured Bonds

By Isha Makkar
December 11, 2019
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Norwegian oil exploration company OKEA ASA has commenced an offering of US$120 million aggregate principal amount of 8.75% senior secured bonds due 2024. The bonds will be issued at 99% of the principal amount. Previously, on 19-Nov-2019, the Company appointed DNB Markets Inc. and SpareBank 1 Markets AS to arrange a series of investor meetings commencing 20-Nov-2019, to issue a new U.S. dollar-denominated senior secured bond with a 5 year tenor. The Company will use the proceeds of the offering to repurchase US$39.5 million of its outstanding US$120 million senior secured bonds (OKEA01 Bonds) due Nov-2020. The remaining OKEA01 Bonds will be called with settlement in December 2019.

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