Spring Has Arrived

Like the bulbs just breaking through the earth as it warms, the Norwegian bond market has also staged a revival of sorts. Today, I.M Skaugen SE (“Skaugen”) completed two new note issues, one USD denominated issue in an amount of $13 million and one NOK denominated issue in an amount of NOK 120 million. Maturing in April 2010, the new issues are floating rate notes with a coupon margin of 6% over 3-month LIBOR/NIBOR. The notes are unsecured and contain similar covenants to the company’s previous bond issues. The company intends to swap the NOK repayment obligation to U.S. dollars and list the issues on the Oslo Stock Exchange’s ABM. Fearnley Fonds acted as manager for the note issues

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