Cimco Marine AB (publ) Corporate Bond tap issue was oversubscribed

The Corporate Bond issue by Cimco Marine AB (“Cimco” or the “Company”) announced yesterday was oversubscribed. The Company will receive SEK 26 million before issue costs.

The Company launched the corporate bond today and was oversubscribed within a few hours.

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

The bonds, including the 80MSEK that was issued in February 2018, is to mature in February 2021, and will 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 102 MSEK and 455K EUR. The effective annual interest rate of the 26MSEK Bond is 13.11%, which is issued at a discount and includes accrued interest.

The transaction proceeds from the bond issue will be used as working capital for production ramp up 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 rights share issuance of 25.5 MSEK (fully underwritten and subscribed) 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 Andreas Blomdahl. 

For further information, please contact: 
Anders Berg, Chairman, anders.berg@oxe-diesel.com, +46 70 358 91 55
Andreas Blomdahl, CEO, andreas.blomdahl@oxe-diesel.com, +46 431 44 98 99
Myron Mahendra, CFO and EvP in charge of Administration and HR, myron.mahendra@oxe-diesel.com, +46 76 347 59 82
Lars Sjögrell, Head of Public Relations, Cimco Marine AB, tel. +46 702-69 53 00, lars.sjogrell@perspective.se

www.oxe-diesel.com 

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 11 September 2018 at 5.15 PM. 

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.

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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.

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