Ocean Yield announces payment of consent fees for three series of bonds

By Rebecca Melvin

Concord, N.H., Dec. 8 – Ocean Yield ASA announced amounts it will pay bondholders who agreed to bond term amendments preventing a change-of-control triggering event resulting from the acquisition of Ocean Yield shares by funds advised by Kohlberg Kravis Roberts & Co. LP and affiliates.

The company is paying $1,250,667 to holders of its perpetual floating-rate notes (NO0010861594); NOK 3,751,950 to holders of its floating-rate notes due 2023 (NO00108232140); and NOK 3,752,025 to holders of its floating-rate notes due 2024 (NO0010869720).

The 0.5% consent fee payments stem from a Sept. 21 solicitation and will be made on Dec. 10, including two days of interest more than originally expected.

Nordic Trustee AS is acting as bond trustee.

Octopus Bidco AS, a newly formed company indirectly wholly owned by funds advised by KKR and its affiliates is expected to acquire the company by March 15, 2022.

Ocean Yield is a Lysaker, Norway, owner of ships in the oil service and industrial shipping sectors.

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