Cimco Marine AB (publ) Corporate Bond issue was oversubscribed

The Corporate Bond issue by Cimco Marine AB (“Cimco” or the “Company”) announced on 25 January 2018 was oversubscribed. The Company will receive SEK 80 million before issue costs. 

The Company launched the corporate bond on Wednesday 31st January 2018 which closed to subscriptions yesterday.

The terms of the bonds are as follows:
Volume: 80 MSEK under a framework amount of 200 MSEK
Maturity: 36 months
Interest rate: 10.75% per annum
Collateral: Business mortgage certificates of 80 MSEK

JOOL Markets AS acted as Sole Manager and Bookrunner in the bond issue.

The bonds, maturing in February 2021, bear a fixed coupon of 10.75 per cent p.a. with quarterly interest payments. The bonds are secured through business mortgage certificates amounting to 80 MSEK.

The transaction proceeds from the bond issue will be used as working capital for production ramp up as well as debt refinancing and transaction costs.

Roschier law firm acted as legal advisors and Intertrust (Sweden) AB as bond trustee. The bonds will be registered through Euroclear Sweden (SEK and EUR bonds) and VPS Norway (NOK bonds). Cimco intends to apply for the new bonds to be listed on First North Bond Market.

“Cimco is extremely pleased with the level of interest in our corporate bond issuance. We believe that this funding, together with our share issuance of 30 MSEK should give the company sufficient resources to meet its financial targets for 2018, as previously communicated. The funding will also promote Cimco’s credit standing and to improve its terms with its suppliers. We can now plan and focus on our operational needs” says CEO Cecilia Anderberg. 

For further information, please contact: 
Cecilia Anderberg, CEO Cimco Marine AB, tel. +46 763-10 22 50, 
Andreas Blomdahl, Chairman of the Board of Cimco Marine AB, tel. +46 706-28 01 30, 
Myron Mahendra, CFO Cimco Marine AB, tel. +46 7634 759 82, 
Lars Sjögrell, Head of Public Relations, Cimco Marine AB, tel. +46 702-69 53 00, 

Certified Adviser 
Västra Hamnen Corporate Finance AB is Certified Adviser for Cimco Marine AB. 

Cimco Marine AB (publ), is obligated to make this information public pursuant to the EU Market Abuse Regulation. The information was provided by the contacts above, to be submitted for publication on 7 February 2018, at 11.00 AM. 

Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world's first diesel outboard engine in the high power segment. OXE Diesel has a unique belt driven propulsion system that allows a hydraulic multi-friction gearbox to be mounted. This means that the engine can handle significantly higher loads than a traditional outboard engine. Cimco's OXE Diesel has a horizontally mounted engine as opposed to a traditional outboard with a vertically mounted engine. 


Documents & Links