Further to the stock exchange announcement of SinOceanic
Shipping ASA ("SinOceanic") on 8 February 2012
relating to a 100 MUSD bond loan, SinOceanic notes that the
bond loan referred to therein will formally be issued by
SinOceanic's wholly owned subsidiary SinOceanic II AS.
The repayment of the bond loan will however be guaranteed by
SinOceanic for an amount up to 120 MUSD.
The bond loan will be issued at 97.5% of its par value, and
carry 10% annual interest. The loan will be repaid through a
cash sweep arrangement every six month covering 75% of the
free and unrestricted cash of the borrower (SinOceanic II
AS), and a final payment of any residual amount on 17
February 2015. The bond loan will be secured by customary
security, including a first priority pledge over the MSC
Altair and the guarantee from SinOceanic referred to above.
An application will be made for the bonds to be
listed on Oslo ABM.
The bond loan was fully subscribed on 8 February 2012, and is
expected to be issued and paid up on Friday 17 2012. The
proceeds from the bond loan will be placed on an escrow
account pending the satisfaction of certain additional
conditions, including that SinOceanic II AS must be provided
with additional second priority financing in the amount of
approximately 62 MUSD, and that the financing for the
SinOceanic group's purchase of the 13,100 TEU
containership MSC Regulus must be established. SinOceanic
expects that the conditions precedent for the release of the
proceeds from escrow account will be satisfied by the end of
the next week. As announced on 8 February 2012, the proceeds
of the bond issue will ultimately be used to finance the
13,100 TEU containership MSC Altair to be held by SinOceanic
II AS.
For further information, please contact Garup Meidell, Deputy CEO, on telephone + 47 95 16 00 67
distribué par | Ce noodl a été diffusé par SinOceanic Shipping ASA et initialement mise en ligne sur le site http://www.sinoceanic.no. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-02-17 09:16:26 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |