Successful placement of perpetual callable hybrid bonds

Ocean Yield AS (“Ocean Yield” or the “Company”) has successfully completed a new perpetual callable hybrid bond issue of USD 100 million, carrying a coupon of SOFR + 350 bps p.a. with quarterly interest payments. The bond issue attracted strong interest and was oversubscribed.

The proceeds from the bond issue will be applied towards refinancing of the outstanding bonds with the ticker OCY10 (ISIN NO0013177188) and for general corporate purposes.

In conjunction with the new bond issue, Ocean Yield has repurchased USD 14.8 million of OCY10. Ocean Yield now holds USD 95.2 million of OCY10 where the total nominal outstanding amount is USD 110 million. As previously announced, the Company intends to call OCY10 at 101.00% of par following the contemplated closing of the sale of Ocean Yield to A.P. Moller Holding, as per the bond terms.

Certain primary insiders and close associates have subscribed and were allocated bonds in the bond issue.

Arctic Securities, Danske Bank, and DNB Carnegie acted as Joint Lead Managers in connection with the placement of the new bond issue. BAHR acted as legal advisor to the Company. An application will be made for the bonds to be listed on Oslo Børs.