Danish offshore wind operations & maintenance services provider ZITON A/S has raised EUR 100 million in a senior secured bond and EUR 25 million in a second secured bond.
The three-year EUR 100 million senior secured bond loan and the three and a half year EUR 25 million second secured bond will be used to refinance the outstanding bond and subordinated debt and to buy back a minority stake in the subsidiary Jack-up InvestCo 3 Plc.
The senior secured bonds are maturing in October 2021 and the second secured bonds are maturing in April 2022.
This was the third time Ziton raised capital in the Nordic bond market and the transactions were well received by the market, as evidenced by the strong Nordic and international demand resulting in both bond issues being heavily oversubscribed, the company said.
“The new capital structure is a reflection of the Company’s strong market position and development to a full-service provider over the past three years and the new financing provides the necessary flexibility for continued investments and growth while significantly reducing the total cost of funding,” said Thorsten Jalk, CEO of Ziton A/S.
Pareto Securities acted as Sole Bookrunner in connection with the bond issues.