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	<title>Marine Money Archives &#187; Citi</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
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		<title>Syndicated Market Continues on Track</title>
		<link>http://www.marine-money.com/archive/syndicated-market-continues-on-track</link>
		<comments>http://www.marine-money.com/archive/syndicated-market-continues-on-track#comments</comments>
		<pubDate>Thu, 12 Jan 2012 17:10:05 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[AP Moller-Maersk]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Dealogic]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Nordea]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11820</guid>
		<description><![CDATA[Last Friday, Dealogic released its Bookrunner and MLA Tables for Syndicated Marine Finance Loans for 2011 showing total syndicated loan volume at $68.4 billion up from last year’s $50.1 billion. From the macro perspective the trend remains upward as deal volume and number of transactions grew respectively 26.2% and 19.6% compared to the year earlier. This continues the growth which commenced in 2009. Ignoring the boom in volume in 2007 and 2008, the current volume is on par with the years prior. A further measure of the health of the syndication market is also reflected in the nominal reduction of club deal volume as well as the declining proportion of these deals versus total syndicated volume. ]]></description>
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		</item>
		<item>
		<title>Restis Steps Up and Banks Cooperate – Seanergy Amends Facilities</title>
		<link>http://www.marine-money.com/archive/restis-steps-up-and-banks-cooperate-%e2%80%93-seanergy-amends-facilities</link>
		<comments>http://www.marine-money.com/archive/restis-steps-up-and-banks-cooperate-%e2%80%93-seanergy-amends-facilities#comments</comments>
		<pubDate>Thu, 12 Jan 2012 17:06:10 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Bulk Energy Transport (Holdings) Limited]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Marfin Egnatia Bank SA]]></category>
		<category><![CDATA[Seanergy Maritime Holdings Corp]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11812</guid>
		<description><![CDATA[On Monday, Seanergy Maritime Holdings Corp. announced that two of its lenders had agreed in principal to waive certain financial covenants in three of its loan facilities and to amend the terms of two of its facilities. Giving comfort to the lenders was the main shareholder’s decision to inject $10 million of new equity.
]]></description>
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		</item>
		<item>
		<title>Teekay LNG Taps Equity Market</title>
		<link>http://www.marine-money.com/archive/teekay-lng-taps-equity-market</link>
		<comments>http://www.marine-money.com/archive/teekay-lng-taps-equity-market#comments</comments>
		<pubDate>Thu, 03 Nov 2011 15:47:21 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Credit Agricole]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Maersk LNG]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Teekay LNG Partners L.P.]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11297</guid>
		<description><![CDATA[In the first shipping follow-on since last July, Teekay LNG Partners L.P., utilizing its $750 million shelf registration, announced, priced and successfully sold 5.5 million shares yesterday in an overnight offering raising $183.7 million. The offering, which went primarily into retail hands, was priced at $33.40/share, a discount of 3.47% from yesterday’s closing price of $34.60. According to data compiled by Jefferies, the price discount was tighter than the year to date average of 7.5% and last month’s 5% suggesting strong demand. Sales proceeds will be used to pre-fund the company’s portion of the equity purchase price of the Maersk LNG acquisition, or $146 million, with the remaining funds used for the repayment of outstanding debt under one of its credit facilities, maturing in August 2018, which bears interest at LIBOR + 0.55%. In addition to a green shoe of 825 thousand shares, the offering is not contingent on the closing of the Maersk transaction nor is the Maersk transaction contingent on the closing of this offering.]]></description>
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		</item>
		<item>
		<title>Equity Overdone?</title>
		<link>http://www.marine-money.com/archive/equity-overdone</link>
		<comments>http://www.marine-money.com/archive/equity-overdone#comments</comments>
		<pubDate>Thu, 26 May 2011 14:49:29 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Dahlman Rose & Company]]></category>
		<category><![CDATA[DVB Capital Markets]]></category>
		<category><![CDATA[Globus Maritime Limited]]></category>
		<category><![CDATA[Jefferies & Company Inc.]]></category>
		<category><![CDATA[Knight Capital]]></category>
		<category><![CDATA[Rodman & Renshaw]]></category>
		<category><![CDATA[Seaspan Corporation]]></category>
		<category><![CDATA[Top Ships Inc]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10285</guid>
		<description><![CDATA[Regularly, we hear that the markets are open for well-known serial issuers of equity and debt securities. This week one regular issuer, Seaspan, quickly and successfully accessed the preferred market, issuing more of its Series C preferred. There were also two filings for equity follow-ons from a recent transplant from London and one of the original public companies. It will be interesting to gauge investor appetite in the case of the latter given the overall weak market conditions.]]></description>
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		</item>
		<item>
		<title>We Have Seen the Future and LTV is Part of It</title>
		<link>http://www.marine-money.com/archive/we-have-seen-the-future-and-ltv-is-part-of-it</link>
		<comments>http://www.marine-money.com/archive/we-have-seen-the-future-and-ltv-is-part-of-it#comments</comments>
		<pubDate>Thu, 05 May 2011 16:10:50 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Christian Wetherbee]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Eagle Bulk Shipping]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10359</guid>
		<description><![CDATA[While unfair to single Eagle Bulk Shipping in particular, they happened to be in the news last week as a result of a disagreement with their bank with respect to the calculation of covenants. In his report titled “Covenant Dispute arises as Asset Values Double-Dip”, Citi’s Christian Wetherbee noted that Eagle disclosed “Friday that the agent for its $1.2 billion credit facility with The Royal Bank of Scotland has deemed that the company had been in compliance with the original collateral maintenance covenant (130% fleet value/loan value) for two consecutive quarters (2Q10 and 3Q10), thus reinstating the original vessel value covenant of the facility. This becomes an issue as the agent also noted that as of March 31, 2011, Eagle was no longer in compliance with the covenant due to the recent downturn. Eagle is disputing the claim and was only notified of the compliance and subsequent breach recently.”]]></description>
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		</item>
		<item>
		<title>CMA CGM Replicates Hapag-Lloyd Bond Model</title>
		<link>http://www.marine-money.com/archive/cma-cgm-replicates-hapag-lloyd-bond-model</link>
		<comments>http://www.marine-money.com/archive/cma-cgm-replicates-hapag-lloyd-bond-model#comments</comments>
		<pubDate>Thu, 21 Apr 2011 16:31:31 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Natixis]]></category>
		<category><![CDATA[Saade]]></category>
		<category><![CDATA[Societe Generale]]></category>
		<category><![CDATA[Yildrim Holding]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10380</guid>
		<description><![CDATA[Last week, CMA CGM S.A. successfully offered through a private placement, a $909 million equivalent dual tranche senior note issue, which, in many respects, closely resembled structurally last year’s Hapag-Lloyd bond issue led by Deutsche Bank. The offering consisted of a $475 million 8.5% tranche due in 2017 and a EUR 325 million 8.875% tranche due in 2019. Proceeds of the offering will be used to refinance the company’s existing Euro and Dollar denominated bonds and for general corporate purposes.]]></description>
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		</item>
		<item>
		<title>Equity Sales Continue – Navios Maritime Partners and Safe Bulkers Follow-on</title>
		<link>http://www.marine-money.com/archive/equity-sales-continue-%e2%80%93-navios-maritime-partners-and-safe-bulkers-follow-on</link>
		<comments>http://www.marine-money.com/archive/equity-sales-continue-%e2%80%93-navios-maritime-partners-and-safe-bulkers-follow-on#comments</comments>
		<pubDate>Thu, 14 Apr 2011 16:47:20 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[DVB]]></category>
		<category><![CDATA[Evercore Partners]]></category>
		<category><![CDATA[Golar LNG Partners]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Knight]]></category>
		<category><![CDATA[Lazard]]></category>
		<category><![CDATA[Morgan Stanley and BofA Merrill Lynch]]></category>
		<category><![CDATA[Navios Maritime Partners LP]]></category>
		<category><![CDATA[S. Goldman Capital]]></category>
		<category><![CDATA[Safe Bulkers]]></category>
		<category><![CDATA[Safe Bulkers Inc.]]></category>
		<category><![CDATA[Teekay LNG]]></category>
		<category><![CDATA[Wells Fargo]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10397</guid>
		<description><![CDATA[While the Golar LNG Partners IPO was a surprise, the prevalence of follow-on offering is not. Last week, Teekay LNG and Navios Maritime Partners LP (“Navios Partners”) successfully concluded their offerings and they were joined this week by Safe Bulkers Inc. While there is nothing that indicates that the window is closing, there nonetheless seems to be a rush to offer.]]></description>
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		</item>
		<item>
		<title>Golar Partners Prices While Parent fills Warehouse?</title>
		<link>http://www.marine-money.com/archive/golar-partners-prices-while-parent-fills-warehouse</link>
		<comments>http://www.marine-money.com/archive/golar-partners-prices-while-parent-fills-warehouse#comments</comments>
		<pubDate>Thu, 14 Apr 2011 16:44:33 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Evercore]]></category>
		<category><![CDATA[Golar LNG Limited]]></category>
		<category><![CDATA[Golar LNG Partners LP]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Raymond James]]></category>
		<category><![CDATA[RBC]]></category>
		<category><![CDATA[Wells Fargo]]></category>
		<category><![CDATA[World Shipholding]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10394</guid>
		<description><![CDATA[Was it a vote for shipping, for the MLP structure, or Mr. Fredriksen? At the end of the day, it does not matter as the first shipping IPO of 2011 met with strong demand and priced above its range. Last week, Golar LNG Partners LP (“GMLP”) priced its initial public offering of 12 million shares at $22.50, above the stated range of $20 to $22 per share. Total gross proceed were $270 million, which could increase to $310.5 million if the green shoe is exercised in full. The limited partners own a 30.1% interest in the company with Golar LNG Limited owning the 2% GP interest as well as a 67.9% limited partner interest.]]></description>
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		<item>
		<title>Seeing the Light – Golar LNG Learns From a Competitor</title>
		<link>http://www.marine-money.com/archive/seeing-the-light-%e2%80%93-golar-lng-learns-from-a-competitor</link>
		<comments>http://www.marine-money.com/archive/seeing-the-light-%e2%80%93-golar-lng-learns-from-a-competitor#comments</comments>
		<pubDate>Thu, 07 Apr 2011 15:26:03 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BG Group]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[DnB NOR Markets]]></category>
		<category><![CDATA[Evercore Partners]]></category>
		<category><![CDATA[Golar LNG Energy Limited]]></category>
		<category><![CDATA[Golar LNG Limited]]></category>
		<category><![CDATA[Golar LNG Partners LP]]></category>
		<category><![CDATA[John Fredriksen]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Petrobras]]></category>
		<category><![CDATA[PT Pertamina]]></category>
		<category><![CDATA[Raymond James]]></category>
		<category><![CDATA[RBC Capital Markets]]></category>
		<category><![CDATA[Tor Olav Troim]]></category>
		<category><![CDATA[Wells Fargo Securities]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10246</guid>
		<description><![CDATA[The MLP model is best suited for assets such as FSRUs and LNG carriers that have stable cash flows due to long-term contracts.   The common units of the limited partnerships trade on yield and expected growth. Given the low interest rate environment and high demand for yield paper, the MLPs are trading at high EBITDA multiples and premiums to underlying asset value. The valuation premium gives MLPs a lower cost of capital making it an efficient way to grow and access capital.]]></description>
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		</item>
		<item>
		<title>Busy Week in the Capital Markets</title>
		<link>http://www.marine-money.com/archive/busy-week-in-the-capital-markets</link>
		<comments>http://www.marine-money.com/archive/busy-week-in-the-capital-markets#comments</comments>
		<pubDate>Thu, 31 Mar 2011 14:52:29 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BoA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[Dahlman Rose]]></category>
		<category><![CDATA[Danaos]]></category>
		<category><![CDATA[Deutsche]]></category>
		<category><![CDATA[DnB]]></category>
		<category><![CDATA[DryShips]]></category>
		<category><![CDATA[Evercore]]></category>
		<category><![CDATA[Fredriksen]]></category>
		<category><![CDATA[General Maritime]]></category>
		<category><![CDATA[Golar]]></category>
		<category><![CDATA[Jefferies]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Mr. Georgiopoulos]]></category>
		<category><![CDATA[Ms. Frangou]]></category>
		<category><![CDATA[Navios]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Oak Tree]]></category>
		<category><![CDATA[S. Goldman]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10220</guid>
		<description><![CDATA[Congratulations to a Whole Host of Principals and Professionals!]]></description>
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