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	<title>Marine Money Archives &#187; UBS</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>Success But at a Price – Box Ships’ IPO</title>
		<link>http://www.marine-money.com/archive/success-but-at-a-price-%e2%80%93-box-ships%e2%80%99-ipo</link>
		<comments>http://www.marine-money.com/archive/success-but-at-a-price-%e2%80%93-box-ships%e2%80%99-ipo#comments</comments>
		<pubDate>Thu, 21 Apr 2011 16:34:21 +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[Box Ships Inc.]]></category>
		<category><![CDATA[Cantor Fitzgerald]]></category>
		<category><![CDATA[Golar LNG Partners LP]]></category>
		<category><![CDATA[Lazard]]></category>
		<category><![CDATA[Michael Bodouroglou]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Paragon Shipping Inc.]]></category>
		<category><![CDATA[Stifel Nicolaus]]></category>
		<category><![CDATA[UBS]]></category>
		<category><![CDATA[UniCredit]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10384</guid>
		<description><![CDATA[Following quickly on the heels of the Golar LNG Partners LP offering, Box Ships Inc., a wholly owned subsidiary of Paragon Shipping Inc. became the second IPO of the year.  Approximately three weeks ago, the company filed a registration statement to sell 10 million shares of the common stock of the company, leaving Paragon with a 22.7% stake. The sale would include a green shoe of a further 1.5 million shares. Pricing was expected to be between $15 and $17 per share and assuming midpoint pricing, gross proceeds would be $160 million. The net proceeds of the offering would be used to partially fund the acquisition of an initial fleet of six containerships, including three being acquired from Paragon, with an aggregate capacity of 28,177 TEU.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/success-but-at-a-price-%e2%80%93-box-ships%e2%80%99-ipo/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Don’t Fight the Tape – ACL I Done</title>
		<link>http://www.marine-money.com/archive/don%e2%80%99t-fight-the-tape-%e2%80%93-acl-i-done</link>
		<comments>http://www.marine-money.com/archive/don%e2%80%99t-fight-the-tape-%e2%80%93-acl-i-done#comments</comments>
		<pubDate>Thu, 17 Feb 2011 21:27:14 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ACL I]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[PNC]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[SunTrust Robinson Humphrey]]></category>
		<category><![CDATA[UBS]]></category>
		<category><![CDATA[Wells Fargo]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10141</guid>
		<description><![CDATA[We scratch our head in wonder and realize there is much for us to learn. Certainly this week we understand that logic may not prevail against the appetite for yield, or as Mr. Market reminded us, “don’t fight the tape”.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/don%e2%80%99t-fight-the-tape-%e2%80%93-acl-i-done/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>“…Ask and you shall receive…”</title>
		<link>http://www.marine-money.com/archive/%e2%80%9c%e2%80%a6ask-and-you-shall-receive%e2%80%a6%e2%80%9d</link>
		<comments>http://www.marine-money.com/archive/%e2%80%9c%e2%80%a6ask-and-you-shall-receive%e2%80%a6%e2%80%9d#comments</comments>
		<pubDate>Thu, 10 Feb 2011 20:56:17 +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[Carnegie]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[Dahlman Rose]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DHT Holdings Inc.]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Scotia Capital]]></category>
		<category><![CDATA[Teekay Tankers]]></category>
		<category><![CDATA[Teekay Tankers Ltd.]]></category>
		<category><![CDATA[UBS]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10117</guid>
		<description><![CDATA[The overriding theme of capital being available to existing companies continues. Both DHT Holdings Inc. (“DHT”) and Teekay Tankers Ltd successfully concluded overnight follow-on equity offerings last week and both were well received.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/%e2%80%9c%e2%80%a6ask-and-you-shall-receive%e2%80%a6%e2%80%9d/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Stop Presses</title>
		<link>http://www.marine-money.com/archive/stop-presses</link>
		<comments>http://www.marine-money.com/archive/stop-presses#comments</comments>
		<pubDate>Thu, 03 Feb 2011 20:49:07 +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[Credit Suisse]]></category>
		<category><![CDATA[Dahlman Rose]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DHT Holdings]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Teekay Tankers]]></category>
		<category><![CDATA[UBS]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10110</guid>
		<description><![CDATA[Just as we were ready to publish, DHT Holdings and Teekay Tankers announced follow-on equity offerings. DHT intends to offer 8 million shares and will use the proceeds, approximately $40 million based upon today’s closing price, for general corporate purposes. The joint bookrunning managers are UBS, BofA Merrill Lynch and Citi. Dahlman Rose will act as Co-manager and Carnegie as sales agent in Scandinavia.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>TOO Follows-on Again</title>
		<link>http://www.marine-money.com/archive/too-follows-on-again</link>
		<comments>http://www.marine-money.com/archive/too-follows-on-again#comments</comments>
		<pubDate>Thu, 09 Dec 2010 15:10:27 +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[Credit Agricole]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Raymond James]]></category>
		<category><![CDATA[Teekay]]></category>
		<category><![CDATA[Teekay Offshore]]></category>
		<category><![CDATA[UBS]]></category>
		<category><![CDATA[Wells Fargo]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9891</guid>
		<description><![CDATA[Once again utilizing its $750 million shelf registration, Teekay Offshore, on the heels of its August follow-on offering of 5.25 million shares, last week offered to the public a further 5.6 million common units. The units were priced at $28.74, a 4.4% discount to Thursday’s closing price of $29.11. A green shoe of 840 thousand shares has been offered to the underwriters. Proceeds will be used for general partnership purposes, including the acquisition of dropdowns from parent, Teekay]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>US Capital Markets Fuel Corporate Activity – Wall Street Firms Execute For Clients</title>
		<link>http://www.marine-money.com/archive/us-capital-markets-fuel-corporate-activity-%e2%80%93-wall-street-firms-execute-for-clients</link>
		<comments>http://www.marine-money.com/archive/us-capital-markets-fuel-corporate-activity-%e2%80%93-wall-street-firms-execute-for-clients#comments</comments>
		<pubDate>Fri, 01 Oct 2010 14:23:35 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Marine Money]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Dahlman Rose]]></category>
		<category><![CDATA[Deutsche]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Jefferies]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Pareto]]></category>
		<category><![CDATA[UBS]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9815</guid>
		<description><![CDATA[Marine Money’s survey of the global banking community in the spring told a dramatic story.  Banks prefer lending to and doing business with public shipping companies. Transparency, performance and the simple fact that public company managements with their access to capital have been among the most active in the business – that activity of course translates into fees – makes the case that capital markets access and execution capability are important skills. We celebrate here the Capital Markets performance of the leading Wall Street banks and their first half contributions to the shipping community.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Getting Closer – Ridgebury Fine Tunes</title>
		<link>http://www.marine-money.com/archive/getting-closer-%e2%80%93-ridgebury-fine-tunes</link>
		<comments>http://www.marine-money.com/archive/getting-closer-%e2%80%93-ridgebury-fine-tunes#comments</comments>
		<pubDate>Thu, 09 Sep 2010 20:16:58 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Jefferies]]></category>
		<category><![CDATA[Ridgebury Tankers]]></category>
		<category><![CDATA[UBS]]></category>
		<category><![CDATA[Wells Fargo]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9606</guid>
		<description><![CDATA[Last week, the principals of Ridgebury Tankers filed the 2nd  amendment to their equity offering. In the latest revision, the amount of the offering was increased to a maximum of $340.8 million up from $325 million in the prior filing. More importantly however was the indication of increased momentum as UBS and Wells Fargo joined Jefferies as joint lead bookrunners.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Right Product for the Right Time &#8211; Teekay Offshore Follow-on</title>
		<link>http://www.marine-money.com/archive/teekay-offshore-follow-on</link>
		<comments>http://www.marine-money.com/archive/teekay-offshore-follow-on#comments</comments>
		<pubDate>Thu, 19 Aug 2010 15:53:13 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Barclays]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Credit Agricole CIB]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Raymond James]]></category>
		<category><![CDATA[Teekay Offshore Partners LP]]></category>
		<category><![CDATA[UBS]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9472</guid>
		<description><![CDATA[Last week, the Wall Street Journal reported on the “Frenzy in Energy Partnerships”. “Lured by hefty yields, investors are pouring billions of dollars into a small corner of the stock market - energy focused master limited partnerships – which has seen a huge rally of 15% this year.” This has caused concern, as these gains are not the result of a meaningful change in fundamentals but simply the consequence of a rush of new money into the sector. This should come as no surprise as investors seek safe havens for their cash and, in this instance, are rewarded with yields, a portion of which may be tax free, well in excess of Treasuries.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>An Unexpected Twist</title>
		<link>http://www.marine-money.com/archive/an-unexpected-twist</link>
		<comments>http://www.marine-money.com/archive/an-unexpected-twist#comments</comments>
		<pubDate>Fri, 07 May 2010 02:57:07 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[New Century Shipbuilding]]></category>
		<category><![CDATA[Sino Noble]]></category>
		<category><![CDATA[UBS]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8877</guid>
		<description><![CDATA[In a bizarre turn of events, New Century Shipbuilding (“NCS”) has canned its listing plans in Singapore on eve of pricing, citing tough market conditions. The Business Times in Singapore reported today that there is more to the sudden IPO pull-out than meets the eye. The largest privately owned shipbuilder in China is now accused of misleading investors through material inaccuracies contained in its prospectus. Quoting unnamed sources, a complaint made to the Singapore Exchange pointed out that the shipbuilder had failed to disclose that two shipbuilding contracts for Sino Noble worth USD 180 million had been terminated late last year and were wrongly listed as part of its outstanding orderbook. NCS had also failed to mention the legal claim amounting to USD 60 million that Sino Noble is currently claiming against the shipbuilder.

The company could face criminal action from the Monetary Authority of Singapore if found guilty of making false and misleading statements. According to its prospectus, its orderbook has an aggregate value of USD 5.2 billion as at 31 March 2010 and included orders for 83 vessels with a combined tonnage of approximately 10.8 million dwt to be delivered between 2010 and 2012. We are absolutely baffled by NCS’ non-disclosure in consideration that the two disputed contracts with Sino Noble accounted for only 3.5% of its total orderbook. There appear to be hardly sufficient reasons to place the IPO in jeopardy by not being transparent in this regard.
]]></description>
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		</item>
		<item>
		<title>Wall Street We Have a Problem</title>
		<link>http://www.marine-money.com/archive/wall-street-we-have-a-problem</link>
		<comments>http://www.marine-money.com/archive/wall-street-we-have-a-problem#comments</comments>
		<pubDate>Thu, 06 May 2010 14:44:47 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Aker]]></category>
		<category><![CDATA[American Petroleum Tankers Holding LLC]]></category>
		<category><![CDATA[American Petroleum Tankers LLC]]></category>
		<category><![CDATA[American Shipping Company]]></category>
		<category><![CDATA[Blackstone]]></category>
		<category><![CDATA[BP]]></category>
		<category><![CDATA[Cerberus]]></category>
		<category><![CDATA[Chevron]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[Crowley]]></category>
		<category><![CDATA[Marathon]]></category>
		<category><![CDATA[Military Sealift Command]]></category>
		<category><![CDATA[NASSCO]]></category>
		<category><![CDATA[Robert Kurz]]></category>
		<category><![CDATA[U.S. Shipping Partners L.P.]]></category>
		<category><![CDATA[UBS]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8943</guid>
		<description><![CDATA[Like a phoenix arising from the ashes of U.S. Shipping Partners L.P., American Petroleum Tankers Holding LLC (“APT”) has come to the market offering $275 million First Priority Senior Secured Notes due in 2015. The company’s equity sponsors, Blackstone (75%) and Cerberus (25%) intend to use the proceeds of the offering to escrow  $169.9 million for the construction and acquisition of the last two of five 49,000 DWT product tankers ordered at NASSCO, the M/T Empire State and M/T Evergreen State, to refinance the existing senior secured loan facility of $96.6 million and pay $8.5 million in transaction fees and expenses. The notes are rated B1 and B+, highly speculative, by Moody’s and S&#038;P respectively.]]></description>
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