DBB Jack-Up secures new financingCompany News // November 13, 2015
DBB Jack-Up Services in Denmark has raised EUR 100 million in a four-year senior secured bond. The bonds, maturing in 2019, will bear a floating coupon of 3 months EURIBOR + 8.5 per cent (paid quarterly). The proceeds from the bond issue will be used to refinance existing debt. The bonds will be listed on Oslo Stock Exchange within one year from the issue date.
The company said the transaction "was well received by the market, as evidenced by a strong demand for the bonds from both Nordic and European investors." Altogether, over 50 investors, both institutional and private participated 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.