Splash247: Pelagic Credit raises $58m ahead of Oslo debut

Pelagic Credit has raised NOK558m ($58m) in a private placement, clearing the way for its planned listing in Oslo.

The Cyprus-based shipping investor said it attracted orders from “high quality” industrial and institutional investors. The company’s sponsor, Pelagic Partners, is contributing $48.1m through its managed funds, consisting of $17.56m in equity already injected and an additional $30.6m in fresh cash.

Trading is expected to begin on Euronext Growth Oslo on or around March 9.

The raise follows a reset in ambitions. Earlier in February, Pelagic Credit had targeted gross proceeds of between $107m and $132m before trimming the deal size to around $75m.

Pelagic Credit is led by Tobias Backer, formerly of ICON Capital and Oaktree-backed Fleetscape, where he focused on shipping credit strategies built around asset-backed deals. The platform is backed by shipowners Niels Hartmann and Atef Abou Merhi, founders of Pelagic Partners, who are also directly invested.

Chief executive Backer was allocated 57,173 shares in the offering, while investment manager Maximilian Felix Debatin received 39,408 shares.

Net proceeds will be used to finance vessel acquisitions structured as asset-backed transactions, with senior secured loans expected to fund part of the purchases, the company with three ships in its current portfolio said in a filing.

Clarksons Securities and Fearnley Securities acted as joint global coordinators and bookrunners for the offering.