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by Stephen Carter
Aug 21, 2025 7:10 AM ET
Ocean Yield AS US$150m (size set) sr FRN due 09/04/30 (5y). NC3, hereafter callable at par plus 50/37.5/25/12.5% of the margin after 36/42/48/54 months, respectively. Not rated. Via Arctic/Nordea jt glocos/Dankse/DNB jt books. List Oslo. Norwegian law. COC at 101. Quarterly pay. Denoms: 200kx200k. Settles 09/04. ISIN: NO0013639062. IPT: SOFR+325-350bp at par. Revised guidance SOFR+315-325bp at par (WPIR).
Final terms: US$150m SOFR+325bp at par.
Did investor calls and 1-on-1 meetings 08/19-20. Books closed at 1pm CEST 08/21. Pricing 08/21 Euro afternoon. UOP: refinance debt, facilitate growth and GCP. In connection with the potential bond issue, Ocean Yield will offer a conditional buyback of its outstanding bond with ticker OCY08 (ISIN NO0012863804) at 101.65 (matching the settlement date). Biz: a ship-owner with vessels on long-term charters in the oil services and industrial shipping industries. Equity sponsor: KKR. HQ: Lysaker, Norway.
Investor Presentation:
Preliminary Term Sheet:
ESG Questionnaire: