Fred. Olsen Energy ASA 14/19 FRN
Fred. Olsen Energy ASA issued a NOK 1.1 billion 5 years senior unsecured FRN bond 28 February 2014. Net proceeds from the bond issue were used for general corporate purposes.
(a) Free Cash
The Issuer shall, on a consolidated basis, maintain minimum Free Cash of USD 30 million.
(b) Leverage Ratio
The Issuer shall, on a consolidated basis, ensure that Net Interest Bearing Debt to EBITDA does not exceed 4.5:1.
(c) Interest Coverage Ratio
The Issuer shall, on a consolidated basis, maintain EBITDA to Net Interest Expenses at minimum 2.5:1.
The Leverage Ratio and the Interest Coverage Ratio shall be calculated on a trailing four-quarter basis.
The Issuer undertakes to comply with the above Financial Covenants at all times, such compliance to be measured on each Quarter Date and certified by the Issuer in accordance with Clause 13.2.3.