Two Holders, $18M, Tender Into Stolt-Nielsen Consent

Predictably, there was not an overwhelming response to Stolt-Nielsen S.A.’s offer to buy back bonds at 103. The reason we use the term “predictably” is because the tender price for the Notes was actually lower than the current trading price of the bonds. As we understand it, two holders comprising $18.2 million offered in their bonds, though we aren’t sure exactly why they would do it. As we’ve discussed in these pages before, we fully expect SNSA to offer the mandatory make-whole on their bonds and leases in order to loosen the restrictions imposed upon the company in consideration for restructuring the Notes in mid-2004.

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