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	<title>Marine Money Archives &#187; DnB NOR</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
	<lastBuildDate>Mon, 16 Jan 2012 04:04:51 +0000</lastBuildDate>
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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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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Genco Amends its Agreements</title>
		<link>http://www.marine-money.com/archive/genco-amends-its-agreements</link>
		<comments>http://www.marine-money.com/archive/genco-amends-its-agreements#comments</comments>
		<pubDate>Thu, 05 Jan 2012 16:55:41 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Credit Agricole]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Genco Shipping & Trading Limited]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11797</guid>
		<description><![CDATA[Just before the holiday break, Genco Shipping &#038; Trading Limited announced it had separately amended its $1.4 billion revolver, its $253 million senior secured term loan facility and its $100 million term loan facility led respectively by DnB NOR, Deutsche Bank and Credit Agricole. The parties have agreed to waive both the maximum leverage and interest coverage ratio covenants through the quarter ending March 31, 2013. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Scorpio’s Opportunistic Equity Funding</title>
		<link>http://www.marine-money.com/archive/scorpio%e2%80%99s-opportunistic-equity-funding</link>
		<comments>http://www.marine-money.com/archive/scorpio%e2%80%99s-opportunistic-equity-funding#comments</comments>
		<pubDate>Thu, 01 Dec 2011 16:31:08 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Fearnley Fonds ASA]]></category>
		<category><![CDATA[Harald Serck-Hansen]]></category>
		<category><![CDATA[HSH Nordbank]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Robin Das]]></category>
		<category><![CDATA[Scorpio Tankers Inc.]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11358</guid>
		<description><![CDATA[Utilizing its earlier $500 million existing shelf registration, Scorpio Tankers, Inc. announced yesterday a follow-on offering of 7 million shares, with Morgan Stanley acting as sole book-running manager and Fearnley Fonds ASA as co-manager. The shares closed that night at $6.66 and were priced today at $5.50/share, a discount of 17.4%, raising gross proceeds of $38.5 million. A member of the insider Lolli-Ghetti family was allocated 700 thousand of the shares.]]></description>
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		<slash:comments>0</slash:comments>
		</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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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Lots of Moving Parts Managed Nicely – Polarcus Re-capitalization</title>
		<link>http://www.marine-money.com/archive/lots-of-moving-parts-managed-nicely-%e2%80%93-polarcus-re-capitalization</link>
		<comments>http://www.marine-money.com/archive/lots-of-moving-parts-managed-nicely-%e2%80%93-polarcus-re-capitalization#comments</comments>
		<pubDate>Thu, 20 Oct 2011 15:52:02 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[DVB]]></category>
		<category><![CDATA[Eksportfinans]]></category>
		<category><![CDATA[GIEK]]></category>
		<category><![CDATA[Polarcus Limited]]></category>
		<category><![CDATA[Sabaro Investments Limited]]></category>
		<category><![CDATA[Thor Andre Lunder]]></category>
		<category><![CDATA[Ulstein Verft AS]]></category>
		<category><![CDATA[Zickerman]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11140</guid>
		<description><![CDATA[As the industry has moved away, voluntarily or not, from the simplicity of bank lending, as its primary funding source, borrowers, with the assistance of their advisors, have become far more sophisticated and used the liability side of the balance sheet as a palette for the many possibilities in financing structures. The multi-tiered capital structures that result may be warranted in an effort to achieve the lowest cost of capital possible or simply a necessity to access capital wherever one can find it. Nevertheless, whatever the motivation, these structures add a level of complexity given the number of stakeholders with their own unique incentives, thereby creating risk should Murphy’s Law apply.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>First Dropdown – Golar LNG Partners Acquires FSRU</title>
		<link>http://www.marine-money.com/archive/first-dropdown-%e2%80%93-golar-lng-partners-acquires-fsru</link>
		<comments>http://www.marine-money.com/archive/first-dropdown-%e2%80%93-golar-lng-partners-acquires-fsru#comments</comments>
		<pubDate>Thu, 13 Oct 2011 15:35:50 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Arctic Securities]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Dubai Supply Authority]]></category>
		<category><![CDATA[Erik Nikolai Stavseth]]></category>
		<category><![CDATA[Golar LNG Limited]]></category>
		<category><![CDATA[Golar LNG Parners LP]]></category>
		<category><![CDATA[Pareto]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11116</guid>
		<description><![CDATA[Last Thursday, Golar LNG Parners LP announced that it had entered into its first dropdown agreeing to acquire the companies that own the FSRU Golar Freeze from Golar LNG Limited for a purchase price of $330 million. The vessel is currently operating under a 10 year term contract with Dubai Supply Authority with a remaining fixed term of approximately 8.6 years with the charterer’s option for a further five years.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/first-dropdown-%e2%80%93-golar-lng-partners-acquires-fsru/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Fall Outlook &#8211; Somber</title>
		<link>http://www.marine-money.com/archive/fall-outlook-somber</link>
		<comments>http://www.marine-money.com/archive/fall-outlook-somber#comments</comments>
		<pubDate>Thu, 08 Sep 2011 14:46:22 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Harald Serck-Hansen]]></category>
		<category><![CDATA[Jefferies]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11053</guid>
		<description><![CDATA[Like the cycles it lives with, shipping constantly re-cycles itself. When the shipping markets are good, equity investors are all over it and when they turn bad, the opportunists come out. Despite their different perspectives, both somehow make money. It is the nature of the beast. But the current state of shipping cannot be solely attributed to the shipping markets themselves, there is another culprit. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Right Stuff – d’Amico Gets Club Loan</title>
		<link>http://www.marine-money.com/archive/the-right-stuff-%e2%80%93-d%e2%80%99amico-gets-club-loan</link>
		<comments>http://www.marine-money.com/archive/the-right-stuff-%e2%80%93-d%e2%80%99amico-gets-club-loan#comments</comments>
		<pubDate>Thu, 28 Jul 2011 19:06:17 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Credit Agricole CIB]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[d’Amico International Shipping S.A.]]></category>
		<category><![CDATA[d’Amico Tankers Limited – Ireland]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10528</guid>
		<description><![CDATA[On Tuesday, d’Amico International Shipping S.A. announced that its operating subsidiary d’Amico Tankers Limited – Ireland entered into a 7-year $48 million term loan facility with Credit Agricole CIB and DnB NOR for the financing of two 52,000 DWT MR Product/Chemical tanker newuildings. Proceeds will be used to partially finance the remaining installments of $56 million. The facility bears a highly competitive interest rate and is secured mainly by 1st priority mortgages and a parent guarantee. Under construction at Hyundai Mipo, the vessels will be delivered in March and April 2012.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>FPSO Cidade de Paratay Contracted and Financing Arranged</title>
		<link>http://www.marine-money.com/archive/fpso-cidade-de-paratay-contracted-and-financing-arranged</link>
		<comments>http://www.marine-money.com/archive/fpso-cidade-de-paratay-contracted-and-financing-arranged#comments</comments>
		<pubDate>Thu, 21 Jul 2011 18:53:49 +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[BG Group]]></category>
		<category><![CDATA[BTMU]]></category>
		<category><![CDATA[CIC]]></category>
		<category><![CDATA[DBJ]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[ING Bank]]></category>
		<category><![CDATA[ITOCHU Corporation]]></category>
		<category><![CDATA[Mizuho]]></category>
		<category><![CDATA[Natixis]]></category>
		<category><![CDATA[Nippon Yusen Kabushiki Kaisha]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Petrobras SA]]></category>
		<category><![CDATA[Petrogal Brasil Ltda]]></category>
		<category><![CDATA[Queiroz Galvao Oleo e Gas S.A.]]></category>
		<category><![CDATA[Rabobank]]></category>
		<category><![CDATA[SBM Offshore N.V.]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Standard Chartered]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10516</guid>
		<description><![CDATA[Last week, a joint venture comprised of SBM Offshore N.V., Queiroz Galvao Oleo e Gas S.A. (“QGOG”), Nippon Yusen Kabushiki Kaisha (“NYK”) and ITOCHU Corporation announced that it, together with QGOG, had entered into 20-year charter and operating agreements with BM-S-11 Consortium, owned 65% by Petrobras SA (Operator), 25% by BG Group, and 10% by Petrogal Brasil Ltda, for the operation of the FPSO Cidade de Paratay on the Lula Nordeste field. This field is located in block BM-S-11 in the Santos basin in the pre-salt area offshore Brazil in water depths of 2,100 meters.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Straightforward Solution – The Banks Express Confidence in Genmar</title>
		<link>http://www.marine-money.com/archive/straightforward-solution-%e2%80%93-the-banks-express-confidence-in-genmar</link>
		<comments>http://www.marine-money.com/archive/straightforward-solution-%e2%80%93-the-banks-express-confidence-in-genmar#comments</comments>
		<pubDate>Thu, 14 Jul 2011 15:20:41 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[General Maritime Corporation]]></category>
		<category><![CDATA[Jeff Pribor]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Oaktree Capital]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10497</guid>
		<description><![CDATA[On Wednesday, General Maritime Corporation announced that it had amended its $550 million revolving credit facility and its $372 million senior secured credit facility, each led by Nordea and DnB NOR as well as its $200 million facility with Oaktree Capital to reduce the minimum cash covenant. Under the agreed terms, the minimum cash and cash equivalent balance and revolver availability is reduced from $50 million to $35 million through December 31, 2011, which amount steps up to $40 million through March 31, 2012. Subsequent to the latter date, the original terms apply. In the case of the Oaktree facility only a 10% cushion in Genmar’s favor applies.]]></description>
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