Danish offshore wind company DBB Jack-Up has secured €100m of financing after raising the money through a four-year senior secured bond.
The bonds will mature in 2019 and will bear a floating coupon of three months EURIBOR + 8.5% paid quarterly. The bonds will be listed on Oslo Stock Exchange within one year from the issue date. The proceeds will be used to refinance existing debt.
There has been strong demand for the bond from Nordic and European investors. It is already oversubscribed with more than 50 investors.
“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” said Jack-Up chief executive Thorsten Jalk.
Odin Equity director Lars Thorsgaard Jensen said: “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.”
Image: (DBB Jack-Up)
