Solar In Bond Offering

Market rumours indicate that Solar VLCC Corporation, a privately held company belonging to Mr. Nobu Su, is in the market for a three year USD 165 million bond offering. Proceeds from the senior secured bonds will be used to acquire two new VLCCs currently under construction at Daewoo Shipbuilding & Marine Engineering and the vessels will be operated by TMT upon delivery. The figures will represent a LTV of approximately 75% based on an estimated resale value of a VLCC newbuild at USD 110 million.

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