Successful placement of new sustainability-linked senior unsecured bonds
Image: MV Bakkedal in Stavanger, Norway
Oslo, 30 August 2023: Klaveness Combination Carriers ASA yesterday successfully completed a new senior unsecured sustainability-linked bond issue of NOK 500 million with maturity date 5 September 2028. The bond carries a coupon of 3 months NIBOR + 365 bps p.a. with quarterly interest payments. The bond issue will partly be used to refinance the existing bond with due date in early 2025.
While all KCC’s mortgage debt is sustainability-linked, this is KCC’s first sustainability-linked bond issue.
The transaction was significantly oversubscribed. Both due to a general strong investor sentiment, and KCC being a solid credit, the margin was below the price on the existing bond, down by 110 bps.
Danske Bank, Nordea, Pareto Securities and SEB acted as Joint Lead Managers and SEB acted as Sole Sustainability Structuring Advisor for the bond issue.
An application will be made for the bonds to be listed on Oslo Stock Exchange.
