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CMA Shipping 2011

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You’re Never Too Old to Try Something New

Looking to diversify its funding sources, J. Lauritzen A/S (“JL”), a Danish shipowner founded in 1884, offered bonds in the Norwegian market for the first time. The offering of NOK 700 million of senior unsecured notes was well received being fully sold in 1 1/2 hours, somewhat aided by a presubscription consortium. According to the company, the issue was placed with a broad range of investors. Not surprisingly, the purchasers, from a geographic perspective, were mainly from Norway and Denmark, reflecting the fact that the issuer is a private company and not well known outside the Nordic countries. As expected, the issue was largely bought by institutions although there was retail interest too.

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