By Paul A. Harris
St. Louis, Sept. 13 - Norway's I.M. Skaugen SE has priced a NOK 300 million issue of Nibor plus 800 basis points two-year unsecured bonds, according to a news release issued on Monday by the company.
Fearnley Fonds ASA managed the sale.
Proceeds, which were equal to about $50 million, will be used to repay an equal amount of debt maturing in July 2011 at par.
Remaining debt in the 2011 maturity is $66 million equivalent, according to the Monday press release.
The new NOK-denominated bonds will be swapped into U.S. dollars.
Average interest cost for all of the company's outstanding bonds stands at 6.6% given current U.S. dollar adjusted interest rates.
The issuer is an Oslo-based shipping company serving the petrochemical gas and liquefied petroleum gas sectors.
| Issuer: | I.M. Skaugen SE
|
| Amount: | NOK 300 million
|
| Maturity: | September 2012
|
| Securities: | Unsecured bonds
|
| Bookrunner: | Fearnley Fonds ASA
|
| Coupon: | Three-month Nibor plus 800 bps
|
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