By Angela McDaniels
Tacoma, Wash., March 5 - I.M. Skaugen SE issued NOK 400 million of floating-rate bonds due Feb. 27, 2015 at par, according to the company's website.
ABG Sundal Collier Norge ASA and Swedbank First Securities were the lead managers for the Rule 144A offering, which priced on Feb. 9 and settled Feb. 27.
The interest rate is Nibor plus 825 basis points. Interest is payable quarterly.
The bonds are putable at par upon a change of control.
An application will be made to list the bonds on the Oslo Stock Exchange under the symbol "IMSK12."
The proceeds will be used to fund the company's tender offer for its NOK 125 million of floating-rate bonds due June 6, 2012 and NOK 2.5 million of floating-rate bonds due Sept. 17, 2012. The offer will expire at 11 a.m. ET on March 23.
I.M Skaugen is a marine transportation service company engaged in the transportation of petrochemical gases and chemicals. It is based in Oslo.
| Issuer: | I.M. Skaugen SE
|
| Issue: | Floating-rate bonds
|
| Amount: | NOK 400 million
|
| Maturity: | Feb. 27, 2015
|
| Coupon: | Nibor plus 825 bps, payable quarterly
|
| Price: | Par of NOK 500,000
|
| Put option: | At par upon a change of control
|
| Managers: | ABG Sundal Collier Norge ASA and Swedbank First Securities
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 27
|
| Distribution: | Rule 144A
|
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