en.Wedoany.com Reported - HEA Energy has priced its inaugural $550 million (approximately €480 million) senior secured bond, with proceeds to support the expansion of its offshore wind fleet, including the ongoing construction of self-elevating support vessels (SESVs).

The Abu Dhabi-based offshore service provider, which operates in both offshore wind and oil and gas sectors, stated that the transaction was significantly oversubscribed, attracting strong demand from a broad range of international institutional investors.

According to HEA Energy, this issuance represents the largest bond placement by a Middle East and North Africa (MENA)-based company in the Nordic market.

Hassan Elali, Founder and Chairman of HEA Energy, said the breadth of international demand confirms investor recognition of the quality of the contracted fleet and the operational expertise behind it, and that the proceeds provide the financial strength to execute the company's newbuilding program and serve clients in the Gulf Cooperation Council (GCC), Europe, and other regions.

In addition to funding milestone payments for SESV and offshore support vessel (OSV) newbuilding projects, the proceeds will also be used to refinance existing financing and for general corporate purposes.

The company stated that once the new vessels are delivered, it will become the largest owner of SESVs in the North Sea. Its revenue base is evenly split between offshore wind and offshore oil and gas activities, providing diversification across these two markets.

Currently, following its parent company's acquisition of three Seajacks vessels from Eneti in 2023, HEA Energy's vessels are either currently serving or have recently contracted for multiple large-scale offshore wind projects in Europe and the Americas.

HEA Energy's bond will be listed on the Euronext Expand market.

DNB Carnegie, Fearnley Securities, and Pareto Securities acted as Joint Global Coordinators and Joint Bookrunners, with Magellan Capital serving as the company's strategic and financing advisor.

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