OKEA buyback offer for senior secured bonds due 2023 oversubscribed

By Marisa Wong

Los Angeles, June 22 – OKEA ASA announced it received put notices for an amount exceeding the $9,388,137.20 maximum put amount under its buyback offer for its senior secured bonds due 2023 (ISIN: NO0010826852), according to a Wednesday press release.

As announced on May 23, OKEA is offering to acquire up to NOK 93,483,315 of the bonds at a price of 103. The maximum purchase amount is equivalent to a dividend payment of NOK 93,483,315, or NOK 0.90 per share, made on June 15.

Under the bond terms, OKEA was required make a buyback offer prior to the date of making the dividend distribution. Holders had to exercise their put option by 10 a.m. ET on June 22.

Because the put amount exceeded the offer cap, there will be a pro rata reduction of the amounts exercised to the maximum put amount.

Settlement will be on July 7. Final results will be disclosed after settlement, the issuer noted.

OKEA is a Trondheim, Norway-based oil and gas company.

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