Stolt-Nielsen S.A. will enter into a new five-year $150 million credit facility to be fully underwritten by DnB NOR Bank
ASA. The facility will be secured by a pledge of the Company's Stolthaven Houston and Stolthaven New Orleans terminal-storage assets.
The facility will be used to prepay an existing $64 million credit facility on Stolthaven Houston, which is scheduled to mature in January 2005, and for general corporate purposes. The transaction is expected to close by the end of July 2004.
"SNSA continues to strengthen its liquidity position," said Niels G. Stolt-Nielsen, chief executive officer of SNSA. "The completion of this latest transaction is expected to provide us with sufficient liquidity for the foreseeable future."