Danish outfit Ziton has raised €125m through the issuance of two bonds and will use the funds to refinance an outstanding bond, subordinated debt and to buy back a minority stake in the Jack-up InvestCo 3 subsidiary.
Ziton placed a €100m bond that matures in October 2021 and has a floating coupon of three months Euribor plus 6.90%.
The second placement was for €25m maturing in April 2022 with a floating coupon of three months Euribor plus 11.85%.
Listing of the bonds on Oslo Stock Exchange will take place within 60 days of settlement, Ziton said.
The placements are the third time Ziton has raised money in the Nordic bond market.
The company said that there was strong Nordic and international demand, with both issuances oversubscribed.
Ziton chief executive Thorsten Jalk said: “The new capital structure is a reflection of the company’s strong market position and development to a full-service provider over the past three years and the new financing provides the necessary flexibility for continued investments and growth while significantly reducing the total cost of funding.”