Primary Menu Bonds OKEA currently has two outstanding bonds – OKEA 02 and OKEA 03. News – OKEA OKEA02 Amount USD 180m* Interest 3-mth LIBOR + 6.50% Issue date Jun-18 Maturity Jun-23 Maturity price 101% Call Options Jun 21-Dec 21: 104.500% Dec 21-Jun 22: 103.625% Jun 22-Dec 22:102.750% Dec 22-Jun 23: 101.500% General restriction No dividend / share buyback prior to the later of 1/1-22 and first oil at Yme. Distribution may not exceed 50% of net profit after tax (prior calendar year). Must offer to redeem the equivalent amount of bonds at 103%. When OKEA02 is fully redeemed, OKEA03 allows for an RBL (will be subordinated to the RBL). Financial Covenants – Leverage Ratio (Debt – Liquidity) / 12-mth rolling EBITDA of max. 3-7 until YE-21 and 2 thereafter – Capital Employment Ratio (Cash equity)/(Cash equity + Debt) in USD of min. 35% – Minimum Cash of USD 10m unrestricted * USD 6.3m has been cancelled OKEA03 Amount USD 120m Interest 8.75% Issue date Dec-19 Maturity Dec-24 Maturity price 101% Call Options Dec 22: Make whole Dec 22-Jun 23: 104.5% Jun 23-Dec 23: 103.2% Dec 23–Jun 24: 102.3% Jun 24-Dec 24: 101.5% General restriction No dividend / share buyback prior to the later of 1/1-22 and first oil at Yme. Distribution may not exceed 50% of net profit after tax (prior calendar year). Must offer to redeem the equivalent amount of bonds at 103%. When OKEA02 is fully redeemed, OKEA03 allows for an RBL (will be subordinated to the RBL). Financial Covenants – Leverage Ratio (Debt – Liquidity) / 12-mth rolling EBITDA of max. 3-7 until YE-21 and 2 thereafter – Capital Employment Ratio (Cash equity)/(Cash equity + Debt) in USD of min. 35% – Minimum Cash of USD 10m unrestricted Address OKEA ASA Kongens gate 8 7011 Trondheim Norway Contacts Tel: +47 73 52 52 22 Email: okea@okea.no Orgnr: NO 915 419 062 Subscribe to our stories and news and be updated Subscribe © 2021 OKEA ASA | Design and development by Headspin Sitemap - Privacy policy