Oslo-listed Ocean Yield has completed a new NOK 750m ($91m) unsecured bond issue, which will be used to refinance existing debt from its biggest shareholder, Aker ASA, and to fund future growth.
The bonds will mature in September 2021 and carry a coupon of three months NIBOR + 4.50% per annum with quarterly interest payments.
The company said it intends to apply for the bonds to be listed on Oslo Stock Exchange.
Ocean Yield on Tuesday repurchased a large volume of its other bonds to extend the average maturity of its outstanding bond loans.
The company spent NOK 245.5m ($29.8m) of its OCY 02 bonds, which mature in 2019, and NOK 92.5m ($11.2m) of its OCY 03 bonds that mature in 2020.
Ocean Yield, which owns a diverse fleet of 32 vessels spanning most vessel types, has been busy raising new capital in recent months.
At the end of August, the Lars Solbakken-led (pictured) company completed the private placement of up to 13,462,857 new shares, equivalent to around 9.99% of its current outstanding stock.
