DOF Subsea - Bond issue - NOK 900 million
DOF Subsea has successfully raised NOK 900m in the Nordic bond market. The transaction was well received in the market and achieved significant investor attention.
Transaction details – DOF Subsea AS:
- Issuance of NOK 900m bond, senior unsecured
- The net proceeds from the bonds shall be used to (i) partly refinance the NOK 508 million senior unsecured bond issue DOFSUB07 and (ii) for general corporate purposes
- NOK 35m bought back of DOFSUB07 @ 104 and USD 26 million bought back of DOFSUB08 @ 104. Trade date 14 November 2018
- Tenor: 5 years
- Pricing: 3M NIBOR +800bps (issued at par)
- Covenants in line with earlier bond issues (ICR > 2.5x or cash > 400m, equity > NOK 3,000m)
- Investor meetings carried out in Singapore, Hong Kong, Stockholm, Helsinki, Oslo, Copenhagen, London and NYC
- Meetings commenced with oil price at ~USD 80/bbl, which dropped below ~USD 70/bbl
- Book opened 8 November and closed 13 November 16:00 CET
- Strong demand on launch, sufficient to cover deal within the range
- Quality book with long only investors forming the biggest portion of demand
- Expected settlement date 27 November 2018
- Arctic acted as joint lead manager
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