Paratus Energy Services Ltd.(the "Company" or "Paratus") announces that it hassuccessfully completed a private placement of USD 500 million of new five-year senior secured bonds with a coupon rate of 9.5%.
The bond issue attracted strong investor demand and was significantly oversubscribed. The proceeds from the new bond issue will be used towards partial refinancing of the Company's existing USD 715 million notes.
"Paratus has successfully completed one of the largest bond issuances seen in the Nordic bond market in the last few years," said Robert Jensen, Executive Director of Paratus. "We are pleased that we have achieved our goal of refinancing a substantial portion of the USD 715 million 2026 notes well ahead of its maturity. With our significant backlog position, strong margins and the majority of our debt not maturing until 2029, the Company has significantly increased its flexibility to pursue shareholder distributions and growth opportunities."
Settlement is expected to occur on or about 27 June 2024, subject to customary conditions precedent, and an application will be made for listing of the bonds on the Nordic ABM.
Arctic Securities, DNB Markets and Pareto Securities acted as Global Coordinators and Joint Bookrunners, and ABG Sundal Collier and Fearnley Securities acted as Joint Bookrunners.
Ducera Partners LLC acted as financial advisor and Schjødt acted as legal advisor to Paratus. Thommessen acted as legal advisor to the Joint Global Coordinators and Joint Bookrunners.
