Ocean Yield Collects USD 125 Mn from Hybrid Bond Issue
Oslo-listed Ocean Yield has completed a new perpetual hybrid callable bond issue of USD 125 million.
The net proceeds from the hybrid bond would be used for general corporate purposes including new investments, according to the company.
The bond carries a coupon of 3 months LIBOR + 6.50 % p.a. with quarterly interest payments. The issue attracted strong interest and was well oversubscribed, Ocean Yield said.
It will be accounted for as book equity and is subordinated to the company’s outstanding senior unsecured bonds.
Earlier this week, Ocean Yield agreed to acquire a Handysize dry bulk newbuilding at a price of USD 18 million net of pre-paid charter hire, scheduled for delivery by the end of September 2019.
The vessel has a 10-year bareboat charter to a company owned and guaranteed by Interlink Maritime Corp.