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Odfjell Drilling Ltd.’s (“Odfjell Drilling” or the “Company”, OSE: ODL) newly
announced contemplated spin off, Odfjell Technology Ltd. (“OTL”), has today
successfully priced NOK 1.1bn in senior secured bonds. The bonds will mature in
February 2026 and bear interest of 3 months Nibor plus 700 basis points. The net
proceeds from the bond issue will, together with a new USD 25 million super
senior revolving credit facility (“RCF”) at 3 months Libor + 375 basis points,
be used to carry out the internal reorganisation and to repay the existing USD
150 million credit facility related to the spin off business.
Simen Lieungh, CEO of Odfjell Drilling AS, commented:
“We are very pleased to see the strong reception of our recently announced spin
off from employees, customers, and investors. The bond issuance is, together
with the RCF, a key component in the capital structure of OTL and we are very
satisfied with the strong support from both Nordic and international bond
investors as well as our key lenders. We will continue to focus on operational
excellence and apply financial discipline, and we are confident that OTL will
have the ability to drive enhanced returns in a manner consistent with the
current market opportunities.”
DNB Markets acted as Global Coordinator and Joint Bookrunner, and Danske Bank
and Nordea as Joint Bookrunners for the bond issue (jointly, the “Managers”).
Wikborg Rein Advokatfirma AS is acting as legal counsel to OTL in connection
with the financing.
For more information on the contemplated spin off and subsequent stock exchange
listing of OTL, please refer to the recent Company announcement.
For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0)7796 547889
Aberdeen, United Kingdom
4 February 2022
Odfjell Drilling Ltd.
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of Odfjell Drilling
Ltd. or Odfjell Technology Ltd. (each, an “Issuer”) in the United States or any
other jurisdiction. The securities of the Issuer may not be offered or sold in
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Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
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