A Scent of Spring

Ever proactive, as one must be these days, Ole Hjertaker and the Ship Finance team recently tackled the refinancing of its syndicated loan related to the 26 vessels on charter to Frontline. The timing was propitious as the loan matures in February 2011 meaning that the outstanding amount would become a current liability as of this month. Although it had received underwritten offers, Ship Finance chose to go directly to its lenders. This gave them the opportunity to not only meet directly with all 30 of its active banks and, in particular the credit people who have the final say, as well as avoid the premium associated with an underwritten transaction.

This is only an excerpt of A Scent of Spring

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