NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES
AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF
COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL
ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER
JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL.
Oslo, 14 February 2022: Reference is made to the announcement on 3 February 2022
regarding the contemplated initial public offering (the "Offering") and the
intention to list the shares of Fred. Olsen Windcarrier ASA ("FOWIC" or the
"Company") on the Oslo Stock Exchange (the "Listing", and together with the
Offering, the "IPO"). The application for the Listing was filed with the Oslo
Stock Exchange on 9 February 2022, and the Company has now resolved to launch
the Offering. Subject to receiving the relevant approvals from the Oslo Stock
Exchange and the Financial Supervisory Authority of Norway and prevailing equity
capital market conditions, the shares of the Company (the "Shares") are expected
to be admitted to Listing and commence trading on the Oslo Stock Exchange on or
about 24 February 2022.
THE OFFERING
The Offer Shares (as defined below) are expected to be offered at a price
between NOK 50 and NOK 55 per Offer Share (the "Indicative Price Range"),
corresponding to a pre-money equity value of the Company of between approx. NOK
2,500 million and NOK 2,750 million (equivalent to between approx. EUR 250
million and EUR 275 million). The final price per Offer Share (the "Offer
Price") may, however, be set above or below the Indicative Price Range.
The Offering will comprise up to 26,000,000 Shares to be issued by the Company
(the "New Shares"). In addition, the Managers (as defined below) may elect to
over-allot a number of additional Shares equivalent to up to 15% of the number
of New Shares to be sold in the Offering (the "Additional Shares", and together
with the New Shares, the "Offer Shares"), implying a total transaction size of
up to NOK 1,495 million (equivalent to approx. EUR 150 million). In order to
facilitate such over-allotment, the Company's sole shareholder, Fred. Olsen
Ocean Ltd. ("FOO"), which is 100% owned by Bonheur ASA ("Bonheur"), is expected
to grant DNB Markets, a part of DNB Bank ASA (the "Stabilization Manager"), on
behalf of the Managers, an option to borrow a number of shares equal to the
number of Additional Shares. The Stabilization Manager, on behalf of the
Managers, is expected to be granted an option by FOWIC to subscribe a number of
additional new Shares to be issued by the Company equal to the number of
Additional Shares, at a price per share equal to the Offer Price, to cover any
short positions created by over-allotments in the Offering (the "Greenshoe
Option"). The Greenshoe Option may be exercised, in whole or in part, within a
30 days' period commencing at the time of which trading in the Company's shares
commences on the Oslo Stock Exchange. The Company will receive the proceeds from
the issuance of any Shares subscribed pursuant to the Greenshoe Option.
With the Company's growth strategy and the aim to order a newbuild, the proceeds
from the sale of the shares in the Offering, will be used to fully finance the
equity portion of the newbuilding, and for general corporate purposes. The
shareholder loan from FOO has been amended including extending maturity date to
February 2023, with an option for the Company to extend the loan with one
additional year.
The Offering will amount to NOK 1,495 million (equivalent to approx. EUR 150
million) assuming that (i) 26,000,000 New Shares and 3,900,000 Additional Shares
are sold in the Offering if the final offer price is set at the low end of the
Indicative Price Range or (ii) 23,636,364 New Shares and 3,545,454 Additional
Shares are sold in the Offering if the final offer price is set at the top of
the Indicative Price Range.
Bonheur is committed to remain a long-term majority shareholder in the Company
and has, through FOO, pre-committed to subscribe for Offer Shares for an amount
of EUR 25 million. In addition, the Company has received significant anchor
interest from Nordic institutions, international sector specialists as well as
other local and international generalist investors.
Following completion of the Offering, it is expected that Bonheur, through FOO,
will have an ownership interest in the Company of approximately 68.8%, assuming
that (i) 26,000,000 New Shares are sold in the Offering and (ii) the Greenshoe
Option is exercised in full. Assuming that (i) 23,636,364 New Shares are sold in
the Offering and (ii) the Greenshoe Option is exercised in full, Bonheur,
through FOO, will have an ownership interest in the Company of approximately
70.7%. Based on these assumptions, the free float in the Shares following
completion of the Offering will be approximately 31.2% and 29.3%, respectively.
The Company and FOO, as well as the members of the executive management and the
board of directors of the Company, are expected to enter into customary lock-up
arrangements with the Managers prior to the Listing which will restrict their
ability to inter alia issue (as applicable), sell, pledge or dispose of Shares.
The Company and FOO are expected to undertake a lock-up period of 180 days from
the first day of listing and trading of the Shares on Oslo Stock Exchange, while
the members of the executive management and the board of directors are expected
to undertake a lock-up period of 365 days from the time of the first day of
listing and trading of the Shares on Oslo Stock Exchange. These lock-up
arrangements will be subject to certain customary exceptions and may only be
waived with the consent of the Joint Global Coordinators (as defined below).
OFFERING DETAILS
The terms and conditions for the Offering will comprise:
* An institutional offering, in which Offer Shares are being offered to (a)
institutional and professional investors in Norway, (b) investors outside Norway
and the United States, subject to applicable exemptions from the prospectus and
registration requirements, and (c) investors in the United States who are QIBs
in transactions exempt from registration requirements under the U.S. Securities
Act. The institutional offering is subject to a lower limit per application of
NOK 2,000,000.
* A retail offering, in which Offer Shares are being offered to the public in
Norway subject to a lower limit per application of NOK 10,500 and an upper limit
per application of NOK 1,999,999 for each investor. Investors who intend to
place an order in excess of NOK 1,999,999 must do so in the institutional
offering. Multiple applications by one applicant in the retail offering may be
treated as one application with respect to the maximum application limit.
All offers and sales in the United States will be made only to QIBs in reliance
on Rule 144A or pursuant to another exemption from the registration requirements
of the U.S. Securities Act.
THE PROSPECTUS
Further details of the Offering and the terms thereof are set out in the
prospectus prepared by the Company in connection with the IPO, which is expected
to be approved by the Financial Supervisory Authority of Norway today, 14
February 2022 (the "Prospectus"). Subject to such approval and regulatory
restrictions in certain jurisdictions, the Prospectus, including the application
forms for the retail offering, will be made available at www.windcarrier.com,
www.arctic.com/, www.dnb.no/emisjoner (https://www.dnb.no/markets) and
www.sb1markets.no/.
TIMELINE AND OFFERING PERIOD
The bookbuilding period for the institutional offering and the application
period for the retail offering are expected to commence on 15 February 2022 at
09:00 (CET), and end on 22 February 2022 at 14:00 (CET) and at 12:00 (CET),
respectively. The bookbuilding period and the application period may not be
shortened, but may be extended at any time, provided however that they cannot be
extended beyond 14:00 (CET) on 8 March 2022. In the event of an extension of the
bookbuilding period and/or the application period, the allocation date, the
payment date, the date of delivery of the Offer Shares and the date of the
Listing and commencement of trading in the Shares on the Oslo Stock Exchange
will be changed accordingly.
The Offer Price and the final number of Offer Shares will be determined by the
Company, in consultation with the Joint Global Coordinators, following the
expiry of the bookbuilding process.
CONDITIONS FOR THE COMPLETION OF THE OFFERING
The completion of the Offering is conditional upon the Oslo Stock Exchange
approving the Company's application for Listing (expected to be resolved on or
about 15 February 2022), and the satisfaction of the conditions set by the Oslo
Stock Exchange, which are expected to be that (a) the Company following the
Offering have in excess of 500 shareholders, each holding Shares with a value of
NOK 10,000 or more and (b) a minimum free float of the Shares of 25%.
The completion of the Offering on the terms set forth in the Prospectus is
further conditional upon (i) the Company, in consultation with the Joint Global
Coordinators, following the bookbuilding process having approved the Offer
Price, the number of Offer Shares and the allocation of the Offer Shares to
eligible investors, and (ii) the Company, FOO and the Managers having entered
into a placing agreement regarding the placement of the Offer Shares. There can
be no assurance that these conditions will be satisfied. If the conditions are
not satisfied, the Offering may be revoked or suspended.
ADVISORS
Arctic Securities AS and DNB Markets, a part of DNB Bank ASA, are acting as
joint global coordinators and joint bookrunners (together, the "Joint Global
Coordinators") and SpareBank 1 Markets AS is acting as joint bookrunner for the
contemplated Offering (together with the Joint Global Coordinators, the
"Managers").
Wikborg Rein Advokatfirma AS is acting as legal advisor to the Company, and
Advokatfirmaet Thommessen AS is acting as legal advisor to the Managers.
For further queries, please contact:
Richard Olav Aa, CFO Fred. Olsen & Co
+47 957 44 633
richard.olav.aa@fredolsen.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange notice was published by Øyvind Engesrønning, Vice President
Finance of Fred. Olsen & Co at 07:30 CET on 14 February 2022.
ABOUT FRED. OLSEN WINDCARRIER ASA
Fred. Olsen Windcarrier ASA is a leading offshore wind turbine installation
company with ownership in three high-end and purpose-built transportation and
installation ("T&I") jack-up vessels, headquartered in Oslo, Norway. FOWIC
installs offshore wind turbines and provides operations and maintenance services
on already installed wind turbines. FOWIC is wholly owned by Fred. Olsen Ocean
Ltd., which is a subsidiary of Bonheur ASA. To learn more, please visit
www.windcarrier.com.
IMPORTANT NOTICE
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A of the U.S. Securities Act. No
public offering of the securities will be made in the United States.
Any offering of the securities referred to in this announcement will be made by
means of a prospectus. This announcement is an advertisement and is not a
prospectus for the purposes of the EU Prospectus Regulation. Investors should
not subscribe for any securities referred to in this announcement except on the
basis of the information contained in the Prospectus. Copies of the Prospectus
will, following publication, be available from the Company's registered office
and, subject to certain exceptions, on the website of the Company. The
expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 (together with any
applicable implementing measures in any EEA member state).
In any EEA member state, other than Norway, this communication is only addressed
to and is only directed at qualified investors in that member state within the
meaning of the EU Prospectus Regulation, i.e., only to investors who can receive
any offering of the securities referred to in this communication without an
approved prospectus in such EEA member state.
In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.
The IPO may be influenced by a range of circumstances, such as market
conditions, and there is no guarantee that the IPO will proceed and that the
listing will occur.
This announcement is made by, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else in connection
with the IPO and will not be responsible to anyone other than the Company for
providing the protections afforded to their respective clients, or for advice in
relation to the contents of this announcement or any of the matters referred to
herein.
Neither the Managers nor any of their respective affiliates or any of their
respective directors, officers, employees, advisers, or agents accept any
responsibility or liability whatsoever for, or makes any representation or
warranty, express or implied, as to the accuracy, completeness or fairness of
the information and opinions in this announcement (or whether any information
has been omitted from this announcement) or any other information relating to
the Company or associated companies.
This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.
Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.
The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.