Danish O&M jack-up services provider DBB Jack-Up Services A/S has placed a EUR 100 million senior secured bond, the proceeds of which will be used to refinance the company’s existing debt.
The bonds, maturing in 2019, will be listed on Oslo Stock Exchange within one year from the issue date.
The company says that the transaction was well received by the market, with over 50 investors, both institutional and private, participating 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” said Thorsten Jalk, CEO of DBB Jack-Up Services A/S.
Lars Thorsgaard Jensen, Director at Odin Equity Partners, said 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.