2007

Shipping capital market activity remains robust and varied this week, with Russia’s Prisco accessing the international capital markets for the first time while Gabriel Panayotides files for a SPAC with an unusually close alliance to another public company. Oaktree sells down its stake in Genco while we pause to consider more closely what its intended Kleimar acquisition will do for Navios. OSG’s Jones Act projects continue to progress, though the Dubai Ports World deal has been caught by yet another snag in the US – even as Dubai itself continues to prove an ever more fertile ground for shipping transactions.

The Russians Are Coming – Nordea Takes Prisco on a Trip to the Capital Markets

The third largest oil transportation company in Russia, Primorsk Shipping Company (“Prisco”), long financed through the international bank syndicates, made its introduction in the capital markets this week. Through the intervention of Nordea Bank, Primorsk International Shipping Ltd. (“PISL”), a company with the same shareholders as Prisco, issued a senior unsecured NOK/USD bond of NOK 450 million (circa $73 million), out of a total availability NOK 1,000 million, in the Norwegian bond market.

This is only an excerpt of Bonds – 02/15/2007

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