BlueNord: Successful Placement of USD 300 Million Senior Unsecured Bond Issue and Redemption of BNOR14

Jun 13, 2024

Oslo, 13 June 2024: BlueNord ASA (“BlueNord” or the “Company”) is pleased to announce that it has successfully completed a new 5-year senior unsecured bond issue of USD 300 million with a coupon rate of 9.5% percent, issued at par. The bond issue attracted strong interest from Nordic and international investors, was significantly oversubscribed and priced at the bottom end of the initial price indications.

The net proceeds from the contemplated bond issue will be used to refinance the Company’s existing BNOR14 USD 175m senior unsecured bonds (ISIN NO 0010870900) and for general corporate purposes. Settlement of the bond issue is expected on or about 2 July 2024 (the “Issue Date”), and the Company will prior to such date issue an irrevocable and unconditional call notice for full redemption of BNOR14 at the prevailing call price. 

The new senior unsecured bond completes the Company’s capital structure reset in light of the substantial free cash flow generation enabled by Tyra II, and will facilitate the Company to deliver on its shareholder distributions objectives as earlier communicated.

DNB Markets, part of DNB Bank ASA and Pareto Securities AS acted as Joint Global Coordinators and Joint Lead Bookrunners,  Arctic Securities AS acted as Joint Bookrunner and Financial Advisor to the Company and Fearnley Securities AS acted as Joint Bookrunner and ABN AMRO Bank N.V., Clarksons  Securities AS and SpareBank 1 Markets AS acted as Co-Managers in the transaction. Advokatfirmaet BAHR AS acted as legal advisor to the Company and Advokatfirmaet Thommessen AS acted as legal advisor to the Joint Global Coordinators.

Cathrine Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and requirements under the EU Market Abuse Regulation.