OKEA ASA (OKEA) (the "OKEA") has mandated DNB Markets,
a part of DNB Bank ASA, and Pareto Securities AS as
Joint Lead Managers and Joint Bookrunners and Fearnley Securities AS as Co
-Manager to arrange a series of fixed income investor meetings commencing.
A new 3-year senior secured bond with an initial issue amount of USD 125 million
may follow, subject to inter alia market conditions. Net proceeds from the
contemplated bond issue will, together with cash on balance sheet, be used to
repay the Company's outstanding USD 120 million senior secured bond with ISIN NO
001 0869175 ("OKEA03"). Subject to completion of the refinancing, the Company
will issue a call notice for full repayment of OKEA03 at prevailing call price.
Furthermore, in connection with the contemplated refinancing, OKEA has received
commitment from DNB Bank ASA for a new USD 25 million super senior revolving
credit facility (the "RCF"). The RCF will be put in place subject to a
successful refinancing of OKEA03 and will have a tenor of 2.5 years. The RCF
will be available for working capital purposes and will enhance financial
flexibility for the Company.