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Stolt-Nielsen buys back NOK 126.5 million floaters due 2018 at 101.9
By Susanna Moon
Chicago, Sept. 14 – Stolt-Nielsen Ltd. bought back NOK 126.5 million of its SNI03 floating-rate notes due March 2018 using proceeds of a new issue.
The bonds were repurchased at a price of 101.9% of par, according to a company notice.
The notes were issued in 2012 with a coupon of Nibor plus 475 basis points for a fixed rate of 7.08% for the first interest period, according to a company prospectus.
In connection with the buyback, Stolt-Nielsen priced $175 million of 6.375% five-year senior bonds on Sept. 8 via Danske Bank, DNB Markets, Nordea and Swedbank as joint lead managers with settlement set for Sept. 21, according to a company announcement on Sept. 8.
Proceeds will be used for refinancing bonds and for general corporate purposes.
Stolt-Nielsen provides integrated transportation and storage solutions for specialty and bulk liquid chemicals.
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