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Bond Issue

Eni Directors Approve Bond Issue

Offshore Congo Platform: Photo credit Eni

The Board of Directors of Italy-based global energy corporation Eni has approved possible one or more bonds issues. The issue of the bonds is to be placed with institutional investors, with a value of up to a maximum amount of 3 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 30 May 2014. The company says that the bonds will enable it to maintain a well-balanced financial structure, in terms of short term and medium/long-term debt and average duration of the debt. The bonds may be listed on regulated markets. Italy-based Eni is an integrated company that operates across the entire energy chain, employing some 78,000 people in 90 countries around the world. They point to scientific research and technological innovation as beign at the heart of its strategies for sustainable development.  


Eni: New Fixed Rate Bond Offering

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Eni has mandated Barclays, Goldman Sachs International, Mediobanca, Morgan Stanley, Société Générale and UniCredit Bank as Joint Bookrunners for its upcoming fixed rate Euro benchmark size 8 year bond offering and for the tap of its 12 year bond issued last September, both issued under its existing Euro Medium Term Notes Program. The bonds are to be issued within the framework of the Euro Medium Term Note Program and in accordance with the resolution adopted by


MISC Expects Good Profits

Malaysian International Shipping Corp. (MISC), the world's largest liquefied natural gas (LNG) carrier, said it expects profits in fiscal 2002 to be higher than 2001. "Despite the slowdown in the world economy, we are confident we can move ahead," said managing director Mohd Ali Yasin. MISC, part of state oil firm Petronas, earlier announced a net profit of $363 million, or 74.3 cents earnings a share, in the year ended March 2001, slightly above market expectations.


Aker RGI Proposes Alternative to Redemption Offer

Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95


MOL Completes Settlement, 13th Unsecured Bonds

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. The details are as follows: 1. Background and objectives for issuance of the 13th series domestic unsecured bonds (with inter-bond pari passu clause) When raising funds to bolster business activities


GLDD Sells Historic Demolition Business

Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company located in the Midwest for US$5.3 million. GLDD points out that it retains the right to collect all outstanding accounts receivable and work in process at the date of close


MISC Issues Bonds To Buy Ships

Malaysian International Shipping Corp (MISC), the country's flag carrier, is planning to issue yankee bonds worth up to $500 million in the next few weeks. The yankee bond offering, where the debt is issued in the U.S. market, will be the second from Malaysia this year. Traders said state power firm Tenaga Nasional would issue $800 million in bonds by the middle of next month, with the company expected to go on a roadshow soon


China's Biggest Shipbuilder Floats Billion HK$ Bourse Offering

Image courtesy of Ronghseng

China Rongsheng Heavy Industries to offer HK$1,000,000,000 worth of 7% convertible bonds due 2016. The estimated net proceeds from the issue of the Convertible Bonds, after deduction of commissions and expenses, would be approximately HK$992,500,000, which will be used for working capital and general corporate purposes and repayment of loans of the Group. The company explains that assuming full conversion of the Convertible Bonds at the initial Conversion Price of HK$1


Siem Offshore in New Offshore Well Intervention Vessels Deal

MODU vessel rendering courtesy of Siem Offshore

Siem Offshore Inc. say they have signed agreements with Helix Energy Solutions Group, Inc. to provide 2 well-intervention vessels which will be owned by Siem Offshore and chartered by Helix for an initial period of 7 years, with options that can extend the charter periods up to 22 years. The two vessels will be constructed at the Flensburger shipyard in Germany for Siem Offshore, and will be based on a design developed by Salt Ship Design


CMA CGM Reports Solid Performance in 2013

Photo: CMA CGM

The Board of Directors of France’s CMA CGM, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the year ended December 31, 2013. “In 2013, in a difficult market, we successfully reduced our costs while increasing our volumes carried much faster than the market, enabling us to report one of the industry’s best financial performances


Ivory Coast Bond Orders More than Six times Issue Size

Ivory Coast received orders for a $750 million dollar bond of more than six times the issue size, one of the lead managers said on Wednesday. Ivory Coast launched the 10-year bond late on Wednesday at a yield of 5.625 percent, 3-1/2 years after civil war led it to default on restructured dollar


Volumes Up for Cleveland’s New Liner Service

Cleveland Europe Express shows major increase in volume, while established maritime and development finance revenues also up substantially The Port of Cleveland announced that its Cleveland-Europe Express, the dedicated monthly liner service that launched in April


Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered to Navios Acquisition's owned fleet on July 21, 2014. The company also announced that the Nave Electron has been chartered out


Seadrill Bondholders: Majority Accept Conversion Offer

Offshore drillship: Image Seadrill

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding amount) have submitted their acceptances of the voluntary conversion offer made by Seadrill on 18th July 2014.


Repsol To Sell Argentine Bonds To JP Morgan

  Spanish oil major Repsol said on Tuesday it had agreed the sale of Argentine bonds to JP Morgan for $2.01 billion, the company's second sale of Argentine paper to the U.S investment bank in less than a week. The bonds were part of a $5 billion settlement with Argentina after the


SCIGRIP Adhesive Awarded ABS Certification

Photo: SCIGRIP

In keeping with its commitment to deliver high strength bonding solutions into the most demanding marine and offshore applications, SCIGRIP, a global supplier of smart adhesives, has been awarded the ABS (American Bureau of Shipping) certification for its SG230 HV (high viscosity) range of


Fitch Grade Port of Long Beach TIFIA Loan 'AA-'

Port of Long Beach:Photo courtesy of POLB

Fitch Ratings has assigned an 'AA-' rating to the Port of Long Beach's $325 million TIFIA loan agreement, issued by the city of Long Beach, California for the Gerald Desmond Bridge Project, according to 'Business Wire'. The Rating Outlook is 'Stable'.


China Stops Issuing Import Permits for US Distillers Grains

China has stopped issuing permits for imports of distillers dried grains (DDGs) from top exporter the United States on concerns they might contain an unapproved genetically-modified organism (GMO), traders said, sending U.S. prices tumbling.


DP World to Price US$1-Bln Convertible Bond Issue

DP World Jebel Ali: Photo DP World

Dubai's DP World plans to raise $1 billion with a convertible bond issue of 10 years duration on Thursday to fund growth opportunities and diversify its funding sources, the Dubai-based ports operator said in a statement. The issue is a rare example of an international convertible bond from a


DP World Raises $1B

Sultan Ahmed Bin Sulayem, chairman of DP World (Courtesy DP World)

DP World took advantage of strong market conditions and scarcity value to raise a $1 billion convertible bond with a ten year lifespan on Thursday, in order to fund growth opportunities and diversify its funding sources. The issue is a rare example of an international convertible bond from a


WRRDA: Charting a New Course

Innovative Financing for the Inland Waterways Infrastructure Out of a Congress long on budgetary constraints and short on bipartisanship has come the Water Resources Reform and Development Act of 2014 (WRRDA)—and by wide margins, no less


Turkish Assets Rise Slightly as Oil Prices Fall

Turkish assets rose on Tuesday as tension eased in neighbouring Iraq, leading oil prices to fall and concern about Turkey's trade balance to diminish. The main Istanbul share index closed up 0.43 percent at 79290.79, outpacing the MSCI index of emerging markets, which was little changed.


Gulf Navigation Cuts Capital, Focus on Turnaround

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United Arab Emirates shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems.


Ivory Coast Increases Budget on Higher Cocoa, Gas, Port Revenues

Ivory Coast has increased its 2014 budget by nearly 4 percent on expectations of higher earnings from cocoa, natural gas and the country's ports, a government spokesman announced on Wednesday. Ivory Coast, the world's top cocoa grower and French-speaking West Africa's largest economy


Seadrill Obtains US$1.35-bln Bank Credit Reflnancing

Offshore Drill Ship: Photo courtesy of Seadrill

Seadrill Limited informs it has received commitments from 17 banks for a US$1.35 billion credit facility with a 5 year term and 10 year amortization profile to refinance the credit facilities secured by the West Pegasus, West Gemini, and West Orion.






 
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