Stolt-Nielsen has completed [ds_preview]its previously announced acquisition of the chemical tanker operations of Jo Tankers representing an value of 575 mill. $.
Unconditional Competition Authority approvals has been received, said Stolt Nielsen. The acquisition is expected to be finalized before the end of November.
The transaction comprises 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings. The acquired ships would satisfy the tonnage-replacement needs of the Stolt Tankers‘ fleet for the next several years and add new trade routes that enhance the Company‘s global service capabilities.
Funding for the transaction has been secured through Stolt-Nielsen‘s main commercial banks with a combination of bridge financing, secured term loans and corporate funds. The financing of the ships in the joint venture will be off balance sheet. The net addition to SNL‘s debt from this transaction will be about $465 million.
Stolt-Nielsen Ltd. is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt-Nielsen Gas develops opportunities in LPG and LNG shipping and distribution. The company is listed on the Oslo Stock Exchange.
