American Shipping to issue five-year notes via unit American Tanker

By Susanna Moon

Chicago, Feb. 7 – American Shipping Co. ASA plans to issue five-year senior notes in the Nordic bond market through its wholly owned subsidiary American Tanker Inc.

Ocean Yield ASA and its subsidiaries have committed to participate in up to 50% of the contemplated bond issue, according to a company announcement.

Some of the bonds may be offered in the United States to qualified institutional investors under Rule 144A concurrently with bonds offered outside of the United States under Regulation S.

Arctic Securities, Clarksons Platou Securities, Pareto Securities and SEB are the joint lead managers. Sparebank 1 Markets is the co-manager.

Proceeds will be used to call the company's $216 million of senior bonds at 101% of par plus accrued interest.

The company said it cannot assure that the offering will be completed.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.