Stolt Offshore Announces Debt for Equity Exchange with Stolt-Nielson

Tuesday, June 25, 2002
Stolt Offshore S.Atoday announced that the Board of Directors has agreed to accept the offer from Stolt-Nielsen S.A., the company's parent, to exchange $24 million principal amount of outstanding debt owing by the Company to Stolt-Nielsen S.A. for 3 million Common shares at an exchange price of $8.00 per share. On completion of this transaction the total number of Common share equivalents outstanding will be 83.9 million. Given the outlook for the business, this exchange of debt for equity and bank commitments to provide a new $100 million revolver, the Board is satisfied that the Company will have sufficient funding in place to meet its operating needs.

Maritime Today


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

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

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1354 sec (7 req/sec)