Grontvedt taps arrangers for NOK 500 million three-year floaters

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – Grontvedt AS has mandated Arctic Securities AS and Pareto Securities AS to arrange a series of fixed-income investor meetings starting Thursday. A NOK 500 million senior secured three-year floating-rate bond issue may follow, subject to market conditions, according to a notice.

Net proceeds from the contemplated bond issue, together with a planned NOK 200 million equity raise, will be applied to repayment of the company’s outstanding NOK 600 million senior secured bonds due Sept. 23, 2024 (ISIN: NO0011094658) and for general corporate purposes.

The company will offer a conditional buyback of the 2024 bonds, contingent upon subscription of the new bonds. Subject to completion of the contemplated bond issue, Grontvedt will call the remaining net outstanding amount of the bonds at the prevailing call price.

Based in Uthaug, Norway, Grontvedt is a pelagic company specializing in herring products.

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