“Simplicity is a Good Thing” – Stolt Issues Norwegian Bond

With summer just around the corner, Stolt-Nielsen Limited decided to take advantage of the long daylight hours in Oslo and went into the market to issue, in a private placement, new 5-year senior unsecured bonds. Initially, the transaction contemplated an equivalent amount of $200-300 million, split between a Dollar tranche and a Norwegian Kroner tranche, in order to attract a broader range of investors. The NOK tranche was expected to bear interest at NIBOR + 450-475 bps, with the Dollar tranche interest rate expected to be in the range of 6.50%-6.75% fixed. The proposed pricing reflects an issuer rating of BB+/BB with the bonds a notch lower at BB/BB-. The bonds are non-callable for life. Proceeds of the offering will be used for funding expansion opportunities and general corporate purposes.

This is only an excerpt of “Simplicity is a Good Thing” – Stolt Issues Norwegian Bond

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.

Existing Users Login
Username
Password

Related Archive Files

• No Related Post