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OKEA makes buyback offer for 2023 bonds due to dividend distribution
By Marisa Wong
Los Angeles, May 23 – OKEA ASA is making an offer to all holders of its senior secured bonds due 2023 (ISIN: NO 0010826852) to acquire up to NOK 93,483,315 of the bonds at a price of 103, according to a press release.
The maximum purchase amount is equivalent to an upcoming dividend payment. OKEA will make a dividend payment of NOK 93,483,315, or NOK 0.90 per share, to its shareholders on June 15.
The bond terms require that OKEA make a buyback offer prior to the date of making the dividend distribution.
Holders may exercise their put option by June 22. Settlement will be on July 7.
OKEA is a Trondheim, Norway-based oil and gas company.
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