Marine Link
Sunday, January 21, 2018

Bond Issue News

Chembulk Tankers Issues USD 200mln Bond

Image: Chembulk Maritime World

Chembulk Tankers announced that one of its wholly owned subsidiaries, Chembulk Holding LLC, has priced USD 200 million in senior secured bonds which will carry a coupon of 8.00% and be due in February 2023. The net proceeds from the bond offering will be used for refinancing of existing bank debt and general corporate purposes. In addition, this bond offering contains a tap issuance feature, where Chembulk can expand the issue amount at a future date to a maximum of USD 250 million, subject to standard issuance tests.

Global Ship Lease Eyes Acquisitions

Photo: Global Ship Lease

The London-based Global Ship Lease (GSL) said that it  is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.

MPC Containerships to Use USD 100mln Bond Proceeds for Fleet

Image: MPC Container Ships Invest B.V

MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million. The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed. The net proceeds from the bond issue will be used to finance acquisitions of additional container vessels and for general corporate purposes.

Stolt-Nielsen Completes Bond Issues

Photo: Stolt

Stolt-Nielsen Limited announced today the successful placement of senior unsecured bonds in a total amount of NOK 1,250 million (approximately $207 million USD) in a new seven-year bond issue carrying a coupon of 3m Nibor + 3.35%. The settlement date for the new bonds is expected to be March 18, 2014 and the maturity date for the new seven-year bond issue is expected to be March 18, 2021. An application will be made for listing the bonds on the Oslo Stock Exchange as soon as possible. The company has swapped the new bonds into USD obligations at a fixed interest rate of 5.8860%.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.1 percent. The placement was oversubscribed.   The settlement date for the bonds will be April 8, 2015, and the maturity date will be April 8, 2020. An application will be made for listing the bonds on the Oslo Stock Exchange as soon as possible.   Net proceeds from the bond issues will be used for general corporate purposes, the company said.   Danske Bank Markets, DNB Markets, Nordea Markets and Pareto Securities acted as joint lead managers for the bond issue.  

Stolt-Nielsen S.A. Announces Bond Issue

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.

Vietnam Shipbuilding Group Closes Llargest Bond Issue

The Vietnam Shipbuilding Industry Group (Vinashin) on May 7 announced it had successfully closed the largest ever corporate bonds issue by a Vietnamese company with a landmark 10-year, $187m fundraising to finance ambitious shipbuilding projects. This bond is the third 10-year Vietnamese corporate bond since the first issue by Electricity of Vietnam in November 2006. Source: Business in Asia Today

Port of Cleveland Approves Refinancing

Photo: Port of Cleveland

The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects, as well as approved the acceptance of a Homeland Security grant. Issuing up to $5 million in lease revenue bonds in support of the Euclid facilities of Babcock & Wilcox Nuclear Operations Group, which is refinancing the outstanding balance of Port bonds issued in 2004. Issuing up to $16 million in tax-exempt senior housing bonds for Vista Prairie at Emerald Village…

Cammell Laird Expected To Set Bond Price

British shipbuilder Cammell Laird Holdings Plc is expected to price its high-yield bond issue at around 11.5 percent, sources familiar with the deal said on Thursday. The bond issue of 125 million euros ($109 million) of 10-year senior notes, non-callable for five years, will be launched early next week. Cammell Laird will use the proceeds to repay existing debt and part-fund acquisitions. The company has recently been expanding into the U.S. and Europe, signing a long-term deal with the French port of Marseilles and an initial agreement with U.S. firm Cascade General Inc. The bond issue, lead-managed by Donaldson, Lufkin and Jenrette comes after Cammell Laird raised about $20 million through a share placing in August.

Hoegh LNG's Bond Issue

Image: Höegh LNG Holdings Ltd

Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020. The bond issue will be swapped from floating to fixed interest rate. The bond issue was oversubscribed. The net proceeds from the bond issue shall be used for general corporate purposes. An application will be made for the bonds to be listed on Oslo Børs. Danske Bank Markets, DNB Markets, Nordea Markets, Pareto Securites and Swedbank Norway have acted as Joint Lead Managers for the bond issue.

MISC Bond Issue Not Happening

Malaysia International Shipping Corp (MSIC) said on Tuesday it had no immediate plan to issue any bonds. Replying to a stock exchange query, the Malaysian flag carrier however said it was considering undertaking an international rating exercise. Traders told Reuters on Monday that MISC was planning to issue yankee bonds worth up to $500 million in the next few weeks. The MISC issue was seen as likely to precede a similar issue by its parent Petronas. The state oil firm owns 62 percent of MISC. Sources had said MISC could be borrowing under Petronas' name to enjoy better rates. But MISC said the report was mere speculation. "MISC is not going for any bond issue in the immediate future," it said. "MISC is considering undertaking an international rating exercise." - (Reuters)

Stolt-Nielsen Limited Contemplates New Bond Issue

London - Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured three-year and/or six-year bond issues in the Norwegian bond market. Proceeds from the bond issue(s) will be used to repay debt and for general corporate purposes. It is intended that the offering will be made to (i) Norwegian professional investors and eligible counterparties, as defined in the Norwegian Securities Trading Regulations Sections 10-2 to 10-4, (ii) to non-"United States persons" in "offshore transactions" within the meaning of Rule 902 under the Securities Act of 1933, as amended (the "Securities Act"), and (iii) "Qualified Institutional Buyers" pursuant to Rule 144A of the Securities Act. The bonds may not be purchased by, or for the benefit of, persons resident in Canada.

S&P: More Shipping Companies Likely To Default

Depressed shipping market conditions are likely to cause more shipping companies to default on junk bond issues, according to Standard & Poors (S&P).

Premuda To Use $30M Bond To Buy Ships

Italian shipping company Premuda SpA has completed a $30.9 million bond issue in order to acquire more ships. The bond issue will give Premuda greater liquidity and allow it to acquire further bulk ships following a significant upward trend in dry cargo shipping markets, company officials said. Premuda officials said the company's affiliate, United Bulk International, recently acquired two 1993-built Panamax bulk carriers for about $26.7 million. The bonds will mature in five years and are limited to existing shareholders. The new bulk carriers, due to be delivered in the next few weeks, will take the group's fleet to 20 vessels including four oil tankers being built in Korea for delivery in 2001.

Teekay Completes Norwegian Bond Issuance

Courtesy Teekay

Teekay LNG Partners L.P. announced that it has issued NOK 900 million in new senior unsecured bonds that mature in October 2021 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal amount equivalent to approximately USD 110 million and all payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. In connection with the new bond issuance, the Partnership agreed to repurchase approximately NOK 275 million of Teekay LNG bond issue TKLNG01 (ISIN: NO 0010643257) maturing May 3…

Aker Yards to Refinance

In order to finance the acquisition in France, already announced, to strengthen the balance sheet as a result of increasing activity, and to make the debt structure more long term, Aker Yards is currently working on re-financing its debt. The current business environment allows the Group to obtain a more optimal debt structure. This includes refinancing of the existing syndicated bank loan, increasing the loan to $149 million, with maturity in 2011, and the issue of two new, seven year bonds. Aker Yards ASA has decided to issue two new Bond loans with a combined total loan amount of up to $89 million. Pareto Securities ASA and DnB NOR Markets have been mandated as arrangers for the new bond issues.

Eni Directors Approve Bond Issue

Offshore Congo Platform: Photo credit Eni

The Board of Directors of Italy-based global energy corporation Eni has approved possible one or more bonds issues. The issue of the bonds is to be placed with institutional investors, with a value of up to a maximum amount of 3 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 30 May 2014. The company says that the bonds will enable it to maintain a well-balanced financial structure, in terms of short term and medium/long-term debt and average duration of the debt. The bonds may be listed on regulated markets.

Eni: New Fixed Rate Bond Offering

Eni has mandated Barclays, Goldman Sachs International, Mediobanca, Morgan Stanley, Société Générale and UniCredit Bank as Joint Bookrunners for its upcoming fixed rate Euro benchmark size 8 year bond offering and for the tap of its 12 year bond issued last September, both issued under its existing Euro Medium Term Notes Program. The bonds are to be issued within the framework of the Euro Medium Term Note Program and in accordance with the resolution adopted by Eni’s Board of Directors on May 30, 2013.

Euronav Pays Bond to Buy 15 Maersk Tankers

Photo: Euronav NV

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.

Euronav NV: Conversion of Convertible Bonds Issued in 2013

Euronav NV announces that on December 19, 2013 its share capital was increased following the exercise of the conversion option of 64 convertible bonds issued in 2013 and maturing in 2018. That resulted in the issuance of 1,041,607 new ordinary shares, for which admission to trading on Euronext Brussels has been requested. The further impact of a possible conversion of convertible instruments issued by the company on the capital and the number of shares is set out in detail in the board report dated 15 December 2013, which is available from the investors’ section on our website www.euronav.com .

Euronav to Raise Capital through Bond Conversion

Euronav NV announced that on January 10, 2014 its share capital was increased following the exercise of the conversion option of 491 convertible bonds issued in 2013 and maturing in 2018. That resulted in the issuance of 8,163,810 new ordinary shares. The impact on the company’s capital of additional conversions of convertible instruments is set out in detail in the board report dated January 31,  2013, which is available from the investors’ section on the company's website. With reference to the news of Monday, January 6, 2014, Euronav confirms the effective issue of 5,473,571 new ordinary shares on January 10, 2014 against payment of approximately $50 million.

Russia's RFC to Buy Up to 6 Shipyards

According to a report from The Economic Times, Russian Financial Corporation (RFC) plans to buy up to six shipyards this year, possibly partly financed through a bond issue, but has no plans to float its ship-building business, its chairman said.   (Source: The Economic Times)

MISC To Raise $600M To Buy Ships

Malaysia International Shipping Corp (MISC) will raise about $600 million in global bonds by mid-2001 to partly fund the purchase of four ships worth some $1 billion. "We are first going to the market to be rated by international agencies like Standard & Poor's and Moody's and then will look at issuing bonds," MISC managing director Mohd Ali Yasin said. He said the credit ratings and the bond issue, the first by MISC globally, would be completed by middle of next year. MISC, one of the world's largest liquified natural gas (LNG) tanker operators, has placed orders for four LNG ships costing about $1 billion for delivery over the next five years. It also has an option to place firm orders for another two before the end of this year.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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