Stolt-Nielsen S.A. announced plans to
issue
new senior five-year unsecured bonds with a term from April 15, 2004 to April 15, 2009. The senior five-year bonds will have a
fixed yearly coupon of 8.75%. The first tranche of the senior five-year bonds will be NOK 500-700 million, with a total borrowing limit
of NOK 1 billion. The nominal value of the senior five-year bonds will be NOK 500,000. The purpose of the
bond issue is to refinance
part of the Company's current debt. The offering period for the bond issue is from March 26, 2004 to April 2, 2004.