Norwegian Car Carriers Piggybacks on Prior Issue

Buried in the flood of Norwegian bonds issuance last week, we missed Norwegian Car Carriers utilization of the tap feature in its 5-year NOK 200 million 10.5% senior unsecured open bond issue concluded in September 2010. A tap issue allows borrowers to sell bonds, generally smaller amounts, from past issues. Issued at their original face value, maturity and coupon rate, the bonds are sold at the current market price.

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