Credit information
Bonds
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Links to prospectus OKEA05:
Supplement to the Registration Document dated 07.03.2024
Securities Note
Summary -
OKEA06 prospectus is under preparation
OKEA05: ISIN NO 0013223503
| Issue amount | USD 125m |
| Interest | 9.125% |
| Issue date | May 2024 |
| Maturity | May 2028 |
| Call options | 15 May’24 – 14 May’26: Make whole 15 May’26 – 14 Nov’26: 104.563% 15 Nov’26 – 14 May’27: 103.422% 15 May’27 – 14 Nov’27: 102.281% 15 Nov’27 – 14 May’28: 100.500% 15 May’28 – Maturity (100.000%) |
| Permitted distribution | Up to 50% of net profit after tax (up to 100% if net cash positive) |
| Financial covenants | Min. liquidity: The higher of USD 25m and 15% of outstanding bond debt. Leverage ratio (LR): Max 1.75 |
| Incurrence test | In relation to financial indebtedness: LR of max 1.50 In relation to distribution: LR of max 1.25 and liquidity of min. USD 50m |
OKEA06: ISIN NO 0013593855
| Issue amount | USD 175m |
| Interest | 9.125% |
| Issue date | June 2025 |
| Maturity | June 2029 |
| Call options | 25 Jun’25 – 24 Jun’27: Make whole 25 Jun’27 – 24 Dec’27: 104.563% 25 Dec’27 – 24 Jun’28: 103.422% 25 Jun’28 – 24 Dec’28: 102.281% 25 Dec’28 – 24 Mar’29: 100.500% 25 Mar’29 – 25 Jun’29: 100.000% |
| Permitted distribution | Up to 50% of net profit after tax excluding impairment charges for technical goodwill (up to 100% if net cash positive) |
| Financial covenants | Min. liquidity: The higher of USD 25m and 15% of outstanding bond debt. Leverage ratio (LR): Max 1.75 |
| Incurrence test | In relation to financial indebtedness: LR of max 1.50 In relation to distribution: LR of max 1.25 and liquidity of min. USD 50m |
Bank facilities
USD 45 million Super senior revolving credit facility
- Max 15% of outstanding bond loans (OKEA05 and OKEA06)
- Maturity November 2027 – USD 18.75 million
- Maturity December 2028 – USD 26.25 million
- Margin 3.5%
- Commitment fee 40% of margin