Ship Finance buys back $148 million 8½% notes at 15.5% discount

By Susanna Moon

Chicago, Sept. 29 - Ship Finance International Ltd. bought back one-third of its 8½% senior notes, according to a 6-K filing with the Securities and Exchange Commission.

The Hamilton, Bermuda-based oil tanker operator repurchased $148 million of the notes at a 15.5% discount, recognizing a non-recurring gain of $41.7 million.

Ship Finance said the bonds were previously held by banks under TRS agreements with the company.

The buyback was partly financed with $90 million in bank loans and a $16.5 million sale of equity.

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