2007

Odfjell Re-finances

Briefly, Odfjell ASA is one of the key companies involved in the global market of transporting chemicals and other specialty bulk liquids as well as providing other logistical services. The company owns and operates a specialized parcel tanker fleet that consists of 123 ships and newbuildings with a total capacity of about 3.4 million dwt. In addition, Odfjell owns a network of tank terminals.

Last month, with the assistance of DnB NOR Markets, the company issued a new floating rate three-year note with a borrowing limit of NOK 600 million a portion of which proceeds were used to refinance an existing bond. Odfjell drew down NOK 300 million as a first tranche to repurchase NOK 201 million of an earlier issuance with an outstanding amount of NOK 300 million and a maturity of March 17, 2008. The original bonds which bore an interest rate of NIBOR + 110 bps were redeemed at a price of 100.837%. The key terms of the transaction are described in the Guts of the Deal table.

This is only an excerpt of Bonds – 04/05/2007

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