American Shipping to redeem callable PIK bonds on Feb. 24

New York, Feb. 16 – American Shipping Co. ASA said it will redeem its callable PIK bond issue 2007/2012 originally issued in 2007 on Feb. 24.

The company will pay 101% of par plus accrued interest up to but excluding the settlement date.

American Shipping previously said on Feb. 7 that it was planning to call its $216 million of senior bonds using proceeds of a new issue.

It then priced $220 million of new five-year notes via its American Tanker Inc. subsidiary.

American Shipping, formerly known as Aker American Shipping ASA, is an Oslo-based shipping company.

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