Friede Goldman Halter Withdraws Junk Bond Sale

Tuesday, August 22, 2000
Friede Goldman Halter Inc. has shelved a junk bond sale expected to total $150 million because it wouldn't pay the high yields investors demanded. The company said it is evaluating alternative financing strategies.

Friede Goldman Halter had been expected to privately sell seven-year senior secured notes with a yield of about 12 percent, market sources said. RBC Dominion Securities Inc. was arranging the sale, which was originally expected to be completed last week.

The company withdrew its bond sale in an environment where investors have favored higher-rated junk bonds, which are considered the safest, and large bond sales, which are considered the most liquid.

Smaller bond issuers have often been forced this year to push yields to 12 percent or higher and sweeten sales with stock warrants, or cancel sales altogether.

Junk bonds, also known as high-yield bonds, yield more than higher-rated bonds in order to compensate investors for added risk.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

Environmental

US Navy Updated Zika Virus Infection Guidance

Navy Medicine released updated Zika Virus Infection guidance in NAVADMIN 121/16, May 26, communicating current information, travel precautions, and risk reduction

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0822 sec (12 req/sec)