Ship Finance International to obtain $1.06 billion credit facility

By Paul A. Harris

St. Louis, Nov. 25 - Ship Finance International Ltd. plans to obtain a new $1.06 billion credit facility to help finance the acquisition of vessels from Frontline Ltd., according to a market source.

The source added that participation in the bank deal is still being negotiated, so lead banks have not yet been revealed.

The company also is planning to sell $580 million of 10-year senior notes. The roadshow is scheduled to begin Monday with pricing slated for Dec. 12.

Ship Finance will use the proceeds from the two debt offerings to fund the acquisition of vessels from Frontline Ltd. as part of Frontline's split into two companies - Ship Finance, which will own the ships, and Frontline, which will operate them.

The company is an oil tanker shipping business based in Oslo, Norway.

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