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Euronav to redeem $235.5 million mezzanine bond on Feb. 19
New York, Feb. 3 – Euronav NV said it will redeem its $235.5 million mezzanine bond on Feb. 19.
The bond, which was issued on Feb. 4, 2014 at 85% of par, pays interest at 5.95% for the first year, stepping up to 8˝% in the second year. However, the coupon will step up to 11% 60 days after the ordinary shares issued in the company’s initial public offering are listed on the New York Stock Exchange.
Proceeds from the bond were used to help finance the acquisition of 15 very large crude carriers from Maersk Tankers Singapore Pte. Ltd.
Euronav also said it will convert its $75 million of perpetual convertible preferred equity securities into stock on Feb. 6. In exchange the company will issue 9,459,281 shares.
Euronav is an Antwerp, Belgium-based operator of oil tankers.
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