Fred. Olsen Energy ASA 14/19 FRN

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.

details

Maturity date 28 February 2019 
Amount NOK 1.1 billion
ISIN NO 0010704125
Coupon NIBOR 3m+ 3%
Coupon type FRN
Coupon frequency Quarterly
Day count basis Actual/360
First payment date 28 May 2014
Actual start date 28 February 2014

financialcovenants

(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.

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