Highlights From Freshly Minted

June 6th 2002

NIB CAPITAL SECURITIZING $670M IN SHIPPING DEBT

FM has not seen the marketing document and therefore we do not know all the details of the structure on a deal we originally reported on back in October ’01. What we do know is that it will be marketed in 5 classes with ratings ranging from Moody’s AAA, S&P AA+, to Moody’s Baa2 to S&P BBB. [Strong ratings for shipping debt, congratulations! - ED] It will be marketed outside the US to investors in collateralized debt, not targeting the traditional shipping investors, while not excluding them. Spreads will depend on the sale but will likely be along the lines of similarly rated debt and will not be priced at the traditional shipping industry discount.

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