Bank Loan in Drag – NewLead Heads to Norway

As any good salesman will tell you it’s all in the packaging, particularly when you are entering new markets. Back in December, NewLead Holdings Ltd filed a form F-1 to sell in a follow-on offering $115 million of common stock here in New York. Unfortunately, the timing was off and the offer was shelved until the window re-opens. The company, however, was not dissuaded and, together with DnB NOR and S Goldman Advisors, jumped on a flight to the second largest source of capital for shipping, Oslo, with a transaction that marries the “best” of secured lending with the terms of a high yield bond. The challenge for the company and its advisors was to overcome the fact that the company is a small cap Greek company, which is not involved in oil and gas. There is no better team to speak “Norwegian” and sell the deal. DnB NOR is a key lender and major capital markets player in Oslo and knows both markets intimately. Sheldon Goldman also has broad capital markets exposure here, but perhaps more importantly, he understands the Greeks through his role as financial “consigliere” to Angeliki Frangou.

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