Ocean Yield

Norwegian maritime investor Ocean Yield buys back $42 million in outstanding bonds due in April 2020. Lars Solbakken led Ocean Yield aims to refinance part of its debt by bond placement on buying back $42 million of its notes due in April 2020. On 26 November 2019, Oslo-listed Ocean Yield completed a placement of $81.8 million in senior unsecured bonds due in December 2024. Ocean Yield announced that the company would spend $42 million of the placement’s proceeds on buying back a portion of its outstanding $108 million bond issue OCY03, due in April 2020. Buyback will be settled on 12 December 2019. Besides refinancing existing debt, Ocean Yield would spend for new investments and general corporate purposes. Norwegian maritime investor Ocean Yield owns a diverse fleet of 58 ships. Last week, Ocean Yield acquired four (4) modern LR2 tankers with long-term charters to companies owned and guaranteed by Navig8 Topco Holdings for $132 million in total. Recently, Ocean Yield completed a fully underwritten private placement of 15.93 million shares worth $79 million. Currently, Aker Capital is the largest shareholder with 61.65% stake in Ocean Yield