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Swedbank News

28 Feb 2024

Swedbank Adopts Poseidon Principles

Source: Swedbank

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…

01 Mar 2021

TORM Buys Eight Vessels from TEAM Tankers

TORM said on Monday it has entered into an agreement to purchase eight MR product tankers with chemical trading capabilities from TEAM Tankers in a partly share-based transaction.The deal, which includes a total cash consideration of $82.5 million and the issuance of 5.97 million shares, will increase TORM’s total fleet to 83 vessels.The eight vessels are all built at the Croatian shipyard Brodotrogir from 2007 through 2012, and six of them have specialized cargo tank configurations and extended tank segregations (IMO 2), allowing for enhanced trading flexibility through chemical trading options, while still being able to work integrated in the existing One TORM operational platform.The vessels are:TEAM Amorina (2012-built…

14 Jan 2020

TORM Secures $496M for Debt Refinancing

Denmark-based product tanker company TORM has obtained a commitment for a total of USD 496 million from a syndicate of lenders to refinance its debt and bolster its capital structure.The carrier of refined oil products said the total amount is a combination of two separate term facilities and a revolving credit facility, which will be used to refinance the company’s debt covering a total of USD 502 million.Following the refinancing, TORM does not have any major debt maturities until 2026 which supports TORM’s strong capital structure, it said.“I am very pleased that we have been able to utilize TORM’s strong relationship with our lenders to remove all major near- and medium-term debt maturities with the financing of USD 496m in debt facilities at attractive terms.

18 Nov 2019

BW Offshore Completes Bond Issue

BW Offshore, a provider of floating production services to the oil and gas industry, has successfully completed a NOK 900 million senior unsecured bond issue with a coupon of three months NIBOR + 4.50% and maturity in December 2023.The Oslo Stock Exchange-listed company said that the settlement of the new bond issue is scheduled for 4 December 2019.The existing NOK bonds have either been repurchased as part of the offering or will be called with settlement mid-January 2020.In combination with the USD 297.4 million convertible bond issue announced on 5 November 2019, the new bond successfully concludes the company’s refinancing of its existing NOK bonds maturing between 2020 and 2022…

26 Jun 2019

Dolphin Drilling Declares Bankruptcy

(Photo: Dolphin Drilling)

Norwegian oil and gas rig operator Dolphin Drilling filed for bankruptcy on Wednesday, leading creditors to seize its key assets in a restructuring that will see the company maintain operations.Formerly known as Fred. Olsen Energy, Dolphin Drilling ASA had debt of just over $1 billion at the end of 2018 and a net loss for the year of almost $300 million, its annual report shows.Once a dominant supplier of drilling rigs to oil and gas firms exploring the North Sea, Dolphin was…

25 Sep 2018

DHT Holdings Gets $50mln for Scrubber Retrofit Project

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings announced that it has secured commitment to a $50 million financing for its earlier publicized scrubber retrofit project, subject to final documentation.The financing is structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility will bear the same interest rate equal to Libor + 2.40%.The increased facility is available immediately and will have quarterly repayments of $2.5 million commencing second quarter 2020, aligned with the implementation of IMO2020 and expected economic benefits.

09 Aug 2017

DHT Holdings Completes Delivery of 9 VLCCs

Bermuda-based DHT Holdings has completed the delivery of the nine VLCCs acquired from the BW and the contracts for the two newbuildings due for delivery in 2018 have been transferred to DHT. DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,502,995. The average age of the VLCC fleet is 6.8 years. "In June 2017, we entered into a financing with DNB and Nordea totaling $82.5 million to fund the acquisition of the two VLCC newbuildings ordered from HHI in January 2017. The five year credit facility is divided 50/50 between a term loan and a revolving credit facility and borrowings will bear interest at a rate equal to LIBOR plus a margin of 250 basis points…

24 Jul 2017

Höegh LNG Secures Financing for FSRU Unit

Höegh LNG Holdings has announced that it has received commitment letters for a US$230 million debt financing for its eighth floating storage and regasification unit (FSRU). The Facility comprises a 12 year export credit agency (ECA) term loan of up to USD 150 million backed by Garantiinstituttet for Eksportkreditt (GIEK) and Eksportkreditt of Norway, and a 5 year non-amortising commercial bank loan of up to USD 80 million funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank. The Facility is available to fund 65% of the delivered cost of the FSRU with no employment requirement, increasing to 75% upon securing long-term employment. The interest rate will be swapped from floating to fixed, and at the current market conditions the fixed interest rate is expected to come in at around 4.1%.

19 May 2017

The New Offshore Reality

(Photo: Oyvind Hagen, Statoil)

Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he told a floating production conference in Oslo. After two-and-half years of oil-price collapse followed by layoffs in the thousands; stacked oil rigs and order freezes for offshore shipping, price insecurity itself is a partial expression of confidence. Beneath some palpable yet halting movements toward recovery in 2017…

23 Jan 2017

Teekay LNG Completes Norwegian Bond Issuance

Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. Danske Bank Markets, DNB Markets, Nordea and Swedbank acted as Joint Lead Managers of the above mentioned new bond issuance. Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers…

23 Jan 2017

Teekay Contemplates Norwegian Bond Issuance

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue new senior unsecured bonds in the Norwegian bond market through an add-on to its existing Norwegian bonds due in October 2021 (TKLNG04 - ISIN: NO0010777089). The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. A portion of the bonds may be offered in the United States to qualified institutional investors (or QIBs) as defined in Rule 144A of the U.S. Securities Act of 1933 (the Securities Act) concurrently with bonds offered outside of the United States pursuant to Regulation S of the Securities Act.

29 May 2015

Hoegh LNG's Bond Issue

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. The company said yesterday it had signed a 20-year floating storage and regasification unit (FSRU) contract in Chile, with EBITDA value of USD36 million per year.

04 Sep 2013

Teekay LNG Completes Norwegian Bond Issuance

The Algeciras Spirit, one of Teekay LNG’s Suezmax tankers is able to carry approximately 1 million barrels of oil. (Photo: Teekay)

Teekay LNG Partners L.P. announced that it has issued NOK 900 million in senior unsecured bonds, maturing in September 2018, in the Norwegian bond market. The aggregate principal amount of the bonds is equivalent to approximately $150 million (USD) and all interest and principal payments have been swapped into USD at an all-in fixed interest rate of 6.43%. The proceeds of the bonds are expected to be used for general partnership purposes. Teekay LNG will apply for listing of the bonds on the Oslo Stock Exchange.

16 Jul 2016

WFW Advises Teekay on Major Financing Initiatives

International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”). This included assisting TOO on US$400m of secured bank financing and the raising of US$200m in fresh equity capital along with the deferment of certain bond maturity dates, whilst parent company Teekay Corp completed US$350m of bank financing and raised a further US$100m in equity capital. The transatlantic WFW Maritime team advising Teekay was led by London partner Nigel Thomas and senior associate Patrick Smith, assisted by senior associate George Macheras, associate Natalia Golovataya and trainees Cameron Johnstone-Brown and Tanpreet Rooprai.

14 Oct 2014

Lundin Petroleum Hits More Oil, Shares Surge

Norwegian Arctic discovery could be game changer; Lundin Petroleum shares rise 7 percent. Noreco, Det Norske shares also rise on news. Swedish oil firm Lundin Petroleum has made a big oil and gas discovery in the Norwegian Arctic, sending its shares more than 7 percent higher and raising hopes that more oil could be found in the remote region. Lundin Petroleum's find in the Alta prospect contains between 125 and 400 million barrels of oil equivalent, including 85 to 310 million barrels of oil, near Statoil's Snoehvit field and Lundin's own Gohta find, the firm said in a statement on Tuesday. The discovery raises hopes that more oil could be found in a region where only a handful of oil fields have been discovered after several decades, and none have started production.

03 Nov 2014

Statoil: $32.5 bln for Sverdrup Startup

Development of field could cost up to $32.5 bln; cost estimate higher than analyst forecasts. Sverdrup scheduled to start up in late 2019. Statoil's giant Johan Sverdrup oil field could cost as much as $32.5 billion, the company said in its first full estimate of the price tag to develop Norway's most expensive ever industrial project. Discovered in 2010, Sverdup is the biggest North Sea find in decades, reinvigorating Norway's oil sector where production has been declining for more than a decade. At maximum, its production would equal nearly half of Norway's current oil output. The hefty cost topped what analysts had expected, leading them to slightly downgrade the value of the project.

17 Nov 2014

Paragon Acquires Majority Stake in Prospector

PROSPECTOR 1 on location in the U.K. Sector of the North Sea (Photo courtesy of Prospector Offshore Drilling)

Paragon Offshore plc reported that it has acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess. Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or $2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Following this transaction, Paragon owns a total of 52,749,014 shares of Prospector, equal to 55.8 percent of the outstanding shares of Prospector.

03 Mar 2014

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%.

06 Mar 2014

Seadrill Issues $234 Million Bond

Reuters - Seadrill, the world's largest offshore oil driller by market capitalization, has completed the issue of a 1,500 million Swedish crowns ($234.18 million) senior unsecured bond with a March 2019 maturity, the firm said on Thursday. The firm will apply for the bonds to be listed on the Oslo stock exchange. Earlier on Thursday, Seadrill said it was contemplating issuing new unsecured bonds to be used for "general corporate purposes". Danske Bank Markets, Nordea Markets and Swedbank Norway acted as joint lead managers for the issuance, Seadrill said. ($1 = 6.4053 Swedish crowns) (Reporting by Gwladys Fouche, editing by David Evans)

12 Mar 2014

Gas tanker firm Avance announces Oslo IPO

Gas tanker operator Avance Gas Holding is planning an initial public offering (IPO) and aims to list its shares on the Oslo Bourse in April, one of its owners said on Wednesday, joining a flurry of Nordic firms planning stock market debuts. "As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities, and in addition, the three major shareholders are considering selling shares in order to facilitate sufficient share liquidity," Stolt-Nielsen Limited said. Avance Gas was formed by a merger of shipping assets from Stolt-Nielsen, Frontline 2012 and Sungas Holdings, and the fleet consists of six very large gas carriers (VLGC), with eight further new-buildings on order.

18 Oct 2016

Teekay LNG May Issue Bonds to Fund Newbuilds

Teekay LNG Partners intends to issue new five-year senior unsecured bonds in the Norwegian bond market. Net proceeds from the bonds are expected to be used to fund newbuilding installments, as well as to refinance NOK bonds maturing in May 2017 and general partnership purposes. "The net proceeds from the bonds are expected to be used for refinancing NOK bonds maturing in May 2017 and general partnership purposes, including funding of newbuilding installments. Teekay LNG expects to apply for listing of the bonds on the Oslo Stock Exchange," says a statement from the company. Danske Bank Markets, DNB Markets, Nordea Markets and Swedbank Norway have been appointed as Joint Lead Managers of the contemplated bond issuance.

19 Oct 2016

Teekay Completes Norwegian Bond Issuance

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, 2017 at a price of 101.50 of the principal amount of the repurchased bonds.

24 Mar 2014

Stolt-Nielsen to Present Q1 Results

Photo: Stolt-Nielsen

Stolt-Nielsen Limited (Oslo Bors: SNI) announced today that a presentation and video webcast to discuss the company's unaudited results for the first quarter of 2014 will be held on Thursday, April 03, 2014 at 3 p.m. CEST (9 a.m. EDT, 2 p.m. BST) in the auditorium at Swedbank, Filipstad Brygge 1, 0115, in Oslo, Norway. The presentation and video webcast will be hosted by Niels G. Stolt-Nielsen, Chief Executive Officer, Stolt-Nielsen, and Limited- Jan Chr. Engelhardtsen, Chief Financial Officer, Stolt-Nielsen Limited. sentations.aspx.

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