21/08/24

CAREY OLSEN: Carey Olsen advises Paratus Energy Services on the issuance of a US$500 million senior secured bond

Press Release from Carey Olsen, Wednesday 21 August, 2024.

Carey Olsen has advised Paratus Energy Services Limited ("Paratus"), a leading energy services holding company incorporated in Bermuda, on the successful private placement of US$500 million in new five-year senior secured bonds with a 9.5% coupon rate.

This transaction marks one of the largest bond issuances in the Nordic bond market in recent years and was significantly oversubscribed, reflecting robust investor confidence and strong market demand.

The successful issuance underscores Paratus' strong market position and strategic financial planning, while also highlighting Carey Olsen's expertise in navigating complex financial markets and delivering exceptional legal services.

The Carey Olsen Bermuda corporate team advising on the transaction comprised partner Steven Rees Davies, counsel Alexander Collis, associate Matthew Dulaney and pupil Isabella Zuill-McKenzie, working alongside Norwegian law firm Schjødt.

Steven Rees Davies commented: "We are delighted to have supported Paratus in achieving this significant milestone. The oversubscription of this bond issuance is a testament to Paratus' solid business fundamentals and the trust placed in them by the investment community. Our team's dedication, expertise and responsiveness were instrumental in helping facilitate this successful transaction."

Carey Olsen Bermuda Limited is a company limited by shares incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules 2009. The use of the title “Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at: www.careyolsen.com/terms-business.

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