OKEA ASA has successfully placed a new USD 125 million senior secured bond issue with a tenor of 4 years. The new bond will carry a fixed interest rate of 9.125% per annum. The transaction attracted strong interest from Nordic and international investors and was significantly oversubscribed.

Net proceeds from the bond issue will be used to fund planned investments related to the recently sanctioned Bestla (previously named Brasse) development and general corporate purposes. In connection with the bond issue, the company expects to increase the size of its super senior revolving credit facility (the "SSRCF") from USD 25 million to USD 37.5 million and extend the tenor for parts of the facility. No amounts are currently drawn under the SSRCF.