Akastor ASA: Successful placement of new USD 200m senior secured bonds by HMH

Rhea-AI Summary

Akastor ASA's affiliate HMH Holding B.V. has successfully completed a USD 200 million senior secured bond issue with a tenor of 3 years and a fixed coupon of 9.875% per annum. The net proceeds will be used to settle HMH's existing USD 150 million bond issue, repay existing bank borrowings, and for general corporate purposes. HMH plans to list the Bonds on Oslo Børs.

FORNEBU, Norway, Nov. 2, 2023 /PRNewswire/ -- Akastor ASA's (OSE: AKAST) 50% owned affiliate HMH Holding B.V. ("HMH") has today successfully completed a USD 200 million senior secured bond issue with a tenor of 3 years and a fixed coupon of 9.875 % per annum (the "Bonds"). Reference is made to Akastor's stock exchange notice on 30 October 2023.  

The net proceeds from the Bonds will be applied towards (i) settlement in full of HMH's existing USD 150 million senior secured bond issue with ISIN NO0012428996 ("HMHH01"), (ii) full repayment of existing bank borrowings, and (iii) general corporate purposes. HMH intends to seek for listing of the Bonds on Oslo Børs.

For further details reference is made to the separate announcement issued by HMH and which is available on HMH's website: https://hmhw.com/investors/

For further information, please contact:

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com 

About HMH

HMH is a premier drilling solutions provider, which was formed as an independent company in October 2021 through the merger of Baker Hughes' (NYSE: BKR) Subsea Drilling Systems business and Akastor ASA's wholly owned subsidiary, MHWirth AS.

HMH combines integrated delivery capabilities, capital, renowned industry expertise and delivers the full range of offshore drilling equipment products and packages at scale. HMH aims to support the industry's transition toward more energy-efficient solutions, as well as deploying technologies and service solutions to make the sector more competitive through increased drilling efficiency. Moreover, the Company's service and technology portfolio will be utilized as a springboard for future growth, both within drilling services and when pursuing opportunities towards adjacent industries such as renewables and mining.

For further information, please visit homepage: https://hmhw.com/ 

About Akastor

Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

For further information, please visit homepage: https://akastor.com/ 

 

View original content:https://www.prnewswire.com/news-releases/akastor-asa-successful-placement-of-new-usd-200m-senior-secured-bonds-by-hmh-301976179.html

SOURCE Akastor ASA

FAQ

What is the recent development from Akastor ASA's affiliate HMH Holding B.V.?

HMH has completed a USD 200 million senior secured bond issue with a tenor of 3 years and a fixed coupon of 9.875% per annum.

How will the net proceeds from the Bonds be utilized?

The net proceeds will be used to settle HMH's existing USD 150 million bond issue, repay existing bank borrowings, and for general corporate purposes.

What are HMH's plans for the Bonds?

HMH intends to seek listing of the Bonds on Oslo Børs.

Who can be contacted for further information?

For further information, please contact Øyvind Paaske, Chief Financial Officer, at +47 917 59 705 or oyvind.paaske@akastor.com.