NOL To Raise $300M

Monday, June 18, 2001
Singapore's Neptune Orient Lines Ltd. launched an issue of seven-year notes totaling $300 million after setting up a $1 billion medium-term note (MTN) program for up to 10 years. The shipping group, which owns container group APL, said in a statement the funds raised would be used for expansion and to refinance existing borrowings. The issue, with a coupon of 4.09 percent per year, is arranged by OCBC Bank, Overseas Union Bank, Societe Generale Asia (Singapore) Ltd and Standard Chartered Bank. "The arrangement not only meets our current requirements, it allows us to access further funds sometime in the future if we choose," said Lim How Teck, NOL's chief financial officer. "We consider this is good timing because interest rates are currently very low. The interest rate of 4.09 percent per annum is excellent especially considering it is over seven years." NOL said it has a right of early redemption at face value from year five for the non-convertible fully underwritten issue targeted at institutional investors in Singapore. - (Reuters)

Maritime Today


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

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

Ports

Indiana Ports Sets Cargo Record in 2015

State's three ports handle 12 million tons for first time in 54-year history  INDIANAPOLIS (Feb. 11, 2016) - The Ports of Indiana handled over 12.2 million tons of cargo in 2015,

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Finance

Brazil's CEEE to sell stakes in Wind Farms, Dams

Brazil's Companhia Estadual de Energia Elétrica (CEEE), a power utility controlled by the state of Rio Grande do Sul, will sell assets including stakes in wind farms,

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
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: 0.0857 sec (12 req/sec)