American Shipping has succes[ds_preview]sfully completed the placement of a 220 mill. $ senior unsecured bond. The bond issue was significantly oversubscribed.
Settlement is expected to be 21 February, 2017 with final maturity date expected to be 21 February, 2022. The new bond issue has a coupon of 9.25%. The net proceeds will be used to refinance the existing 216 mill. $ bond maturing February 2018, said the company.
The new bond has been issued through the company‘s fully owned subsidiary American Tanker Inc. (ATI). It had retained Arctic Securities, Clarksons Platou Securities, Pareto Securities and SEB as joint lead managers for the transaction. Sparebank 1 Markets had been retained as Co-Manager.
Kjell Inge Rokke-backed shipowner Ocean Yield has been allocated 50 mill. $ in the new bond issue. »Ocean Yield will receive net cash proceeds of about USD 156 million that we intend to primarily invest in new vessels with long term charters«, said Ocean Yield‘s CEO Lars Solbakken.
American Shipping has retained Arctic Securities, Clarksons Platou Securities, Pareto Securities and SEB as joint lead managers for the contemplated transaction. Sparebank 1 Markets is co-manager.
