Odfjell Rig III secures $650m in senior secured bond offering

Odfjell Rig III Ltd., a wholly-owned subsidiary of Odfjell Drilling Ltd., successfully priced $650 million of senior secured first lien bonds yesterday. These bonds, maturing in March 2031, carry a fixed coupon of 7.25%, payable semi-annually. An application will be made for the bonds to be listed on the Oslo Stock Exchange within nine months of the issue date.

The proceeds will be utilized for several strategic purposes, including refinancing existing debt, partly financing the acquisition of Deepsea Bollsta, and for general corporate purposes. The company also announced its intention to send a call notice for outstanding bonds (ISIN: NO0012921172), with an expected call date in mid-December 2025.

DNB Carnegie, Pareto Securities, and Danske Bank acted as global coordinators and joint bookrunners. Clarksons Securities AS, Fearnley Securities AS, and SB1 Markets served as joint bookrunners.