• Serica is evaluating a potential bond issue in the Nordic market. Given its strong balance sheet and high free cash flow (net debt has been reduced from ~US$200 mm at YE25 to US$78 mm), we view this as a shrewd tactical move to take advantage of favourable bond‑market conditions.
• Proceeds would be used to repay drawings under the existing US$525 mm RBL and so would not increase debt, while leaving the full undrawn amount of the RBL available, therefore materially increasing available liquidi ....
