Stolt-Nielsen Delays Bond Issue

Stolt-Nielsen S.A. has delayed its previously announced plan to issue a new five-year senior unsecured bond loan. The company said it intends to resume marketing efforts after the Norwegian Easter holidays and following the release of the company's first-quarter earnings.

Commenting on a recent media report on the company's potential liabilities relating to the ongoing antitrust investigations and litigation, the company said that estimates published were not developed or authorized by SNSA. The company added that it has not provided any such analysis or quantification to the managers of the proposed bond loan, nor has it authorized anyone else to do so.

Regarding the published report of possible asset sales and valuations, the company acknowledges that as part of its recent financial restructuring process it considered the sale of various assets. The company however cautions that there may not be any such asset sales and furthermore if there are any, the valuations suggested in recent published reports may not serve as a reliable guide to valuations that can be achieved in any such asset sales. Any bonds that are offered will be offered outside the United States pursuant to Regulation S under the Securities Act of 1933. The bonds will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration under, or an applicable exemption from, the registration requirements of the Securities Act of 1933.