Euronav Pays Bond to Buy 15 Maersk Tankers
Euronav NV will repay the US$235 million bond issued to finance the acquisition of 15 VLCC oil tankers from Maersk Tankers Singapore, following a closure of its Initial Public Offering (IPO) of ordinary shares on the New York Stock Exchange.
According to press release, Euronav issued notice to exercise its right to request the contribution of 30 outstanding perpetual convertible preferred equity securities on January 30, 2015. It expects to repay the bond on or around February 19, 2015.
The bond was issued at 85% of its principal amount with an interest rate of 5.95% per annum for the first year and 8.50% as of the first anniversary date.
Euronav exercised its right to request the contribution of the 30 outstanding perpetual convertible preferred equity securities and issued such notice on January 30, 2015, following its IPO.
The VLCC oil tankers have an average age of four years and will expand the large tanker fleet of Euronav. The newcomers will be operated in the Tankers International VLCC Pool of which Euronav is a founding member.
