Norway’s OKEA launches $180 million five-year secured bonds

By Paul A. Harris

Portland, Ore., June 20 – OKEA AS announced in a Wednesday press release that it launched a $180 million fully underwritten senior secured bond issue and amendments to the existing OKEA 01 $120 million bond.

A bookbuilding process for the bond is underway and expected to conclude on Monday, the release stated.

ABG Sundal Collier is the manager for the bond and the amendments.

The Trondheim, Norway-based oil and gas company plans to use the proceeds to fund the debt portion of its acquisition of working interests in the Draugen and Gjøa fields for a total consideration of NOK 4.52 billion, or approximately $556 million.

The bonds are expected to settle on June 28.

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