Bulk Industrier plans up to NOK 150 million tap of floaters due 2021

By Marisa Wong

Morgantown, W.Va., May 3 – Bulk Industrier AS plans to issue an up to NOK 150 million add-on to its Nibor plus 650 basis points senior secured bonds due May 26, 2021, according to a market source.

The add-on will be priced at 102.

Arctic Securities will manage the sale, which is expected to settle on May 7.

Currently, there is NOK 800 million of the bonds outstanding. The company issued the original NOK 650 million and a NOK 150 million add-on in June 2018.

The Oslo-based real estate investment company plans to use the proceeds to fund its debt service retention account, to make a contribution to the company in the form of equity or a loan and for general corporate purposes.

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