Cegal owner lands $192M debt package to refinance 2027 bonds
What's the deal? Chip Bidco AS, parent of Norwegian technology-services group CegalDealroom has a profile for this one. Try Dealroom →, has accepted a commitment letter from Nordea Bank Abp and Sparebank 1 Sør-Norge ASA for a US$217.6M (roughly $192 million) senior secured financing package. It comprises US$193.4M of term debt and a US$24.2M revolving credit facility.
Why now? Proceeds from the term debt will refinance the company's existing US$187.4M bond issue, which falls due on February 26, 2027. The refinancing is expected to take place in February 2027, subject to customary conditions precedent.
What's the endgame? Beyond refinancing, the package covers general corporate purposes. The move manages Cegal's balance sheet and debt maturities as the business continues to invest in growth.
The 2027 bonds being replaced came from a February 2024 placement, when the group issued US$187.4M of senior secured floating-rate notes priced at three-month NIBOR plus 5 percentage points.
The signal: The deal reflects steady lender appetite for a business with ongoing demand: Cegal reported 8% revenue growth in 2025 and a US$314.3M order backlog, though its Q2 2026 update showed slightly lower quarterly revenue and adjusted EBITDA year over year. The announcement does not establish the new facility's pricing, leaving its cost relative to the maturing bonds unclear.
Read more: newsweb.oslobors.no
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