I.M. Skaugen buys back NOK 300 million bonds with new issue proceeds

By Susanna Moon

Chicago, Sept. 13 - I.M. Skaugen SE said it repurchased NOK 300 million of notes due in July 2011 at par.

There is now about $66 million of the notes outstanding.

I.M. Skaugen said the average interest cost for all of its outstanding bonds financed now stands at 6.6% given current dollar interest rates.

The company said it completed a NOK 300 million unsecured bond issue due in September 2012. The coupon margin is 800 basis points over three-month Nibor.

The issuer is an Oslo-based marine transportation service company.

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