HEA Energy has successfully priced its inaugural $550 million senior secured bond, marking the largest bond issuance by a MENA-headquartered company in the Nordic bond market.
The proceeds will be used to refinance existing financing, fund milestone payments under the continued build-out of the company’s fleet of self-propelled self-elevating support vessels (SESVs) and offshore support vessels (OSVs), and for general corporate purposes.
The Abu Dhabi-headquartered marine services provider, which supports operations and maintenance activities across the global offshore wind and oil and gas industries, said the transaction was materially oversubscribed and attracted strong demand from a diverse base of global institutional investors.
HEA Energy said the issuance was well received by investors, particularly given the company’s positioning across its two core markets. The company said its revenue base is equally split between offshore wind and offshore oil and gas.
“The breadth of international demand we saw confirms that investors recognize both the quality of our contracted fleet and the depth of operational experience behind it. The proceeds give us the firepower to deliver our newbuild program and continue serving our clients across the GCC, Europe and beyond,” said Hassan Elali, Founder and Chairman of HEA Energy.
The company said it will become the largest owner of SESVs in the North Sea once its new vessels have been delivered.
The bonds will be listed on the Euronext Alternative Bond Market.
DNB Carnegie, Fearnley Securities and Pareto Securities acted as joint global coordinators and joint bookrunners for the transaction. Magellan Capital acted as strategic and financing advisor to HEA Energy.
