By Paul A. Harris
Portland, Ore., Jan. 31 - Norway's Aker Drilling ASA has priced NOK 1.5 billion of five-year bonds in fixed-rate and floating-rate tranches, according to a company source.
The deal included about NOK 560 million of 11% fixed-rate bonds and about NOK 940 million of Nibor plus 700 basis points floating-rate bonds.
DnB NOR Markets, Nordea Markets, Pareto Securities and SEB Merchant Banking have been tapped to arrange the sale.
The deal was substantially oversubscribed, according to a Monday press release from the company.
Completion of the deal is subject to its successful listing on the Oslo Stock Exchange in February.
The Stavanger, Norway-based drilling rig operator will use the proceeds to call its outstanding bonds at 104.50, as well as to repay its existing subordinated loans to Aker ASA, and for general corporate purposes.
| Issuer: | Aker Drilling ASA
|
| Amount: | NOK 1.5 billion
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| Maturity: | Jan. 24, 2016
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| Securities: | Senior bonds
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| Arrangers: | DnB NOR Markets, Nordea Markets, Pareto Securities, SEB Merchant Banking
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| Settlement date: | Feb. 24
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| Listing: | Oslo Stock Exchange (pending)
|
|
|
| Fixed-rate notes
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| Amount: | NOK 560 million (approximate)
|
| Coupon: | 11%
|
|
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| Floating-rate notes: | NOK 940 million (approximate)
|
| Coupon: | Nibor plus 700 bps
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