Polarcus completes bond issue

Reference is made to the stock exchange notice published by Polarcus Limited on 24 June 2014 regarding the contemplated new senior unsecured bond issue.

Polarcus has successfully completed a new NOK 350 million senior unsecured bond. The coupon is 3 month NIBOR + 7.25% and the Company will swap the issued amount into USD floating rate obligations, providing a current all in USD funding cost of 7.73%. Settlement is expected to take place on 8 July 2014 and the bonds will have a 5 year tenor. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

In connection with the new bond issue, the Company has repurchased USD 9.4 million of the PLCS02 bond issue. Remaining net proceeds from the bond issue will be used to refinance the NOK 226 million outstanding under the NOK 230 million PLCS01 bond issue.

Related: Polarcus thinking of bond issue

This bond issue extends Polarcus’ bond maturity profile significantly and reduces the cost of capital with an updated bond structure.

ABG Sundal Collier, DNB Markets, Pareto Securities, and Swedbank Norway are joint managers for the bond issue, while DVB Bank SE acted as financial advisor to the Company.

Press Release, June 25, 2014

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply