It Did Serve a Purpose

Ship Finance did, in fact, use their ATM program during the 2nd quarter when they issued 1.4 million shares of the original 7 million registered at a weighted average price of $12.24 per share. The net proceeds, of approximately $16.5 million, together with bank loans of $90 million were used to partially finance the repurchase of $148 million in face value of its senior notes due 2013. The notes were purchased for 84.5% of face value, or approximately $125.4 million. The company recognized, as a result, a non-recurring gain of $41.7 million

This is only an excerpt of It Did Serve a Purpose

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