DBB Jack-Up Services A/S successfully raises EUR 100 million in a four-year senior secured bond.
On November 12, DBB Jack-Up Services A/S (“DBB Jack-Up”) successfully placed a EUR 100 million senior secured bond loan. The bonds, maturing in 2019, will bear a floating coupon of 3 months EURIBOR + 8.5% (paid quarterly). The proceeds from the bond issue will be used to refinance existing debt. The bonds will be listed on Oslo Stock Exchange within one year from the issue date.
The transaction was well received by the market, as evidenced by a strong demand for the bonds from both Nordic and European investors. Altogether, over 50 investors, both institutional and private participated in the oversubscribed issue.
“We are very pleased to see the interest and support from both existing and new bond investors. The new capital structure reflects the changes the business has experienced during the past year with delivery of two new vessels and contracts with the world’s two largest offshore wind turbine manufacturers” says Thorsten Jalk, CEO of DBB Jack-Up Services A/S.
Lars Thorsgaard Jensen, Director at Odin Equity Partners further comments that “the strong demand reflects the great trust in DBB Jack-Up business and is a testimony to its potential with three dedicated O&M jack-up vessels.”
Pareto Securities Oy acted as Global Coordinator and Joint Bookrunner and SEB acted as Joint Bookrunner in connection with the bond issue.
