By Sarah Lizee
Olympia, Wash., Aug. 26 – Ocean Yield ASA placed $125 million of perpetual hybrid callable bonds, according to a notice.
The bonds carry a coupon of Libor plus 650 basis points. Interest is payable quarterly.
The company said the hybrid bond attracted strong interest and was well oversubscribed.
The net proceeds will be used for general corporate purposes, including new investments.
Arctic Securities AS, DNB Markets, Nordea Bank, Pareto Securities AS and Skandinaviska Enskilda Banken AB (publ) acted as joint lead managers.
An application will be made for the bonds to be listed on the Oslo Stock Exchange.
Ocean Yield is a Lysaker, Norway, owner of ships in the oil service and industrial shipping sectors.
Issuer: | Ocean Yield ASA
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Issue: | Perpetual hybrid callable bonds
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Amount: | $125 million
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Maturity: | Perpetual
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Bookrunners: | Arctic Securities AS, DNB Markets, Nordea Bank, Pareto Securities AS and Skandinaviska Enskilda Banken AB (publ)
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Coupon: | Libor plus 650 bps
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Announcement date: | Aug. 26
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