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Ocean Yield mulls bond issue

Oslo-listed Ocean Yield says it is thinking of issuing new unsecured bonds in the Nordic bond market that will mature in September 2021.

The net proceeds from the proposed bond issue will be used partly to refinance existing debt from Aker, which owns 72.9% of the company.

Other net proceeds will also be used to finance further growth and for general corporate purposes, Ocean Yield said.

Danske Bank, DNB Markets, Nordea Markets, Pareto Securities and Skandinaviska Enskilda Banken have been retained as joint lead managers of the contemplated bond issue.

The Lars Solbakken-led company, 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, Ocean Yield completed the private placement of up to 13,462,857 new shares, equivalent to around 9.99% of its current outstanding stock.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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