Successful placement of new unsecured sustainability-linked bond

Reference is made to the stock exchange notice on January 7, 2021, regarding a contemplated sustainability-linked bond issue. Odfjell SE has today successfully completed a new sustainability-linked senior unsecured bond issue of NOK 850 million with maturity date January 21, 2025.

The bond carries a coupon of three-month NIBOR plus 5.75% p.a. with quarterly interest payments. The issue was substantially oversubscribed. The redemption price is linked to the company’s ambition to reduce carbon intensity of its controlled fleet by 50% by 2030 compared to the 2008 level. Use of proceeds will be the refinancing of existing bonds and for general corporate purposes.

This bond is the first of its kind in the international shipping industry, and the first to be issued under Odfjell’s newly established Sustainability-Linked Finance framework.

“With this bond, we prove our strong commitment to reduce emissions and build a more sustainable shipping industry,” CEO Kristian Mørch said. “Odfjell has for many years worked actively to drive change and reduce our footprints, and we are now pleased to see that investors and banks support us through this sustainability-linked bond.”


DNB Markets, Nordea and SEB acted as Joint Lead Managers and Sustainability Structuring Advisors in the placement of the new bond issue. An application will be made for the bonds to be listed on Oslo Børs and Euronext ESG Bonds.


For more information:

Investor Relations:
 Bjørn Kristian Røed, VP Corporate Analysis & Investor Relations

Tel: +47 40 91 98 68

E-mail: bkr@odfjell.com          

Finance: Terje Iversen, CFO
Tel: +47 93 24 03 59

ESG: Øistein Jensen, Chief Sustainability Officer
Tel: +47 952 61 241

Media:
 Anngun Dybsland, Head of Communications

Tel: +47 41 54 88 54

E-mail: media@odfjell.com

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