By Angela McDaniels
Tacoma, Wash., March 12 - I.M. Skaugen SE said it completed two new floating-rate note issues, one denominated in dollars with a total amount of $13 million and one denominated in Norwegian krone with a total amount of NOK 120 million.
Both issues will mature in April 2010.
The dollar-denominated notes accrue interest at Libor plus 600 basis points, and the coupon for the krone-denominated notes is Nibor plus 600 bps.
The repayment obligation in kroner will be swapped to dollars, according to a company news release.
Fearnley Fonds ASA was the manager for the issues.
The issuer said it will apply to list the notes on the Oslo Alternative Bond Market.
The notes are part of the company's efforts to safeguard its financial position given the low visibility in the financial markets, the release stated.
I.M. Skaugen is an Oslo-based marine transportation service company with a focus on liquefied natural gas and crude oil.
| Issuer: | I.M. Skaugen SE
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| Issue: | Floating-rate unsecured notes
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| Manager: | Fearnley Fonds ASA
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| Announcement date: | March 12
|
|
|
| Dollar-denominated notes
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| Amount: | $13 million
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| Maturity: | April 2010
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| Coupon: | Libor plus 600 bps
|
|
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| Krone-denominated notes
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| Amount: | NOK 120 million
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| Maturity: | April 2010
|
| Coupon: | Nibor plus 600 bps
|
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