Chicago, April 30 – OKEA ASA placed $125 million of 9 1/8% four-year senior secured bonds, according to a notice.
DNB Markets and Pareto Securities AS are the joint lead managers and joint bookrunners, and Arctic Securities AS is a joint bookrunner.
The company said the issue was significantly oversubscribed.
Net proceeds will be used to fund planned investments related to the recently sanctioned Bestla (previously named Brasse) development and for general corporate purposes.
In connection with the refinancing, the company expects to increase its 2.5-year super senior revolving credit facility to $37.5 million from $25 million.
OKEA is a Trondheim, Norway-based oil and gas company.
| Issuer: | OKEA ASA
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| Amount: | $125 million
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| Issue: | Senior secured bonds
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| Tenor: | Four years
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| Bookrunners: | DNB Markets, Pareto Securities AS (joint lead managers), Arctic Securities AS
|
| Coupon: | 9 1/8%
|
| Trade date: | April 30
|
| Marketing: | Investor meetings
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