Norway's Boa Group refinancesCompany News // May 18, 2011
Boa Group in Norway has successfully established new long-term debt facilities both in the bank and bond market which have enabled the company to refinance existing long-term and short-term debt and general corporate issues.
In a statement, the company said: "Following this refinancing, Boa Group is positioned to meet future demands and reaffirms the group's determination to remain a leading, long-term player in the offshore industry."
On 27 April a NKr 1.2 billion senior secured bond loan was established with 1st priority security in the two state-of-the-art offshore construction vessels Boa Deep C and Boa Sub C.
The loan refinanced the existing bank debt related to the two named vessels of less than NKr 700 million. The bond loan was substantially oversubscribed by Norwegian and international investors.
At the same time, Boa Group established a NKr 300 million bank loan facility from Sparebank 1 SMN. The loan has 1st priority security in other group assets, and was used to refinance other short-term loan facilities.
Boa Group is a privately owned company founded in 1975 as Taubåtkompaniet AS. The company has approximately 440 employees and is headquartered in Trondheim, Norway. At present, Boa Group owns and operates a fleet of about 35 units consisting of tugs, barges, offshore vessels and offshore construction vessels.