Okea Asa Announces Commitment for Revolving Credit Facility
August 24, 2023
Source: Marketscreener
OKEA ASA has mandated DNB Markets, a part of DNB Bank ASA, and Pareto Securities as Joint Lead Managers and Joint Bookrunners and Fearnley Securities as Co-Manager to arrange a series of fixed income investor meetings commencing tomorrow. 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.
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.
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