Odfjell Rig III to redeem $390m senior secured bonds

Odfjell Rig III Ltd. officially notified Nordic Trustee AS on November 26, 2025, of its decision to exercise the call option to redeem all outstanding $390,000,000 senior secured bonds with ISIN NO0012921172. The bonds were originally maturing on May 31, 2025. This action follows the company's prior announcement on November 21, 2025, regarding its intention to do so. The redemption price is set at 104.625% of the nominal amount for each redeemed bond, plus accrued and unpaid interest up to the redemption date.

The call option repayment date is scheduled for December 11, 2025, with a record date of December 9, 2025. The Redemption Notice specifies that the exercise is conditional upon the settlement under new bond terms and a closing mechanism for the refinancing of the bonds, along with related documentation, being agreed to the satisfaction of the Issuer.

The Redemption Notice further states that it will be null and void if these conditions are not met by December 8, 2025. This conditional exercise is part of a refinancing strategy, indicating a potential restructuring of the company's debt.