Bonheur, Fred Olsen’s cruise ship and wind vessel holding company, is following a number of other shipowners in trying to sell bonds in Oslo.
The Oslo-listed group said it has asked investment banks DNB Markets and Pareto Securities to arrange a series of meetings with investors to drum up interest in a five-year series.
These will begin on Monday.
The “green” bond could then be sold on an unsecured basis, subject to market conditions, the company added.
The target amount was not specified.
Bonheur, which owns TradeWinds’ parent company DN Media Group, already has a NOK 1bn ($93m) green bond due in 2025.
The company posted a much bigger profit in the second quarter as activity increased.
Net earnings were NOK 554m to 30 June, versus NOK 161m a year ago.
Revenue grew to NOK 2.83bn from NOK 2.38bn.
The group controls Fred Olsen Cruises, Fred Olsen Windcarrier (FOWIC), Global Wind Service (GWS) and Universal Foundation, with a 50% interest in United Wind Logistic (UWL) in Germany.
Busy bond market
FOWIC owns 100% of the 132-loa Brave Tern (built 2012) and Bold Tern (built 2013) WTIVs, and 51% of the 151-loa Blue Tern (built 2012).
Shipowners have been tapping a wide-open Oslo bond market to lower finance costs in a busy debt market.
Sale-and-leaseback specialist Ocean Yield, backed by American global investment company KKR, is meeting potential buyers to try to take advantage of strong investor sentiment, after deals by Klaveness Combination Carriers (KCC) and Kistefos last week.
Ocean Yield asked Arctic Securities, Danske Bank, DNB Markets and Nordea to arrange meetings with investors from Friday.
A new NOK 750m five-year bond could be sold with a floating interest rate.
KCC sold a NOK 500m sustainability-linked issue maturing in 2028, and Christen Sveaas’ shipping investment company Kistefos sold a NOK 1.25bn issue expiring in 2028.
Car carrier Wallenius Wilhelmsen also sold $95m of sustainability-linked bonds earlier in August.
