Neptune Marine Oil & Gas Completes Bond Issue

Neptune Marine

Neptune Marine Invest AS, a 100% owned subsidiary of Neptune Marine Oil & Gas Ltd., has successfully raised US $125 million in a bond issue. The subscription period ended on August 29th and settlement for the new bond was September 5th.

The bond loan is senior secured with first priority pledge in the drillships Neptune Explorer and Neptune Discoverer. The bond has a 3 year tenor and pays a coupon of 5.50% over 6-months Libor, and will be supported by a parent company guarantee from Neptune Marine Oil & Gas Ltd.

The purpose of the loan is to finance the reactivation and upgrading of Neptune Explorer and Neptune Discoverer, and refinancing of existing debt.

The bond issue was managed by SEB Merchant Banking.