2007

2007 Draws to a Close

And what a year it’s been.Marked by skyrocketing dry bulk markets, somewhat less stellar but improved wet markets, and a vicious credit crunch, whose reach has gradually gone beyond transaction volume into cut into staff ‚Äì and some holiday parties. Still, the bankers we’ve talked to have remained extremely busy and transaction volume continues to flow, if a little more cautiously. Chembulk and TECO have closed their respective acquisitions, and Teekay, Navios and OSG have successfully spun out new parts of their businesses to the public markets. Mr. Economou has flipped his Ocean Rig stake from private interests to public within days of purchasing it. As we remember the year gone by please take a moment, if you haven’t already, to nominate your favorite transaction(s) from 2007 either through our anonymous submission form at: http://www.surveymonkey.com/s.aspx?sm=VHHjXJnAw3UzphYnjLhgBg_3d_3d or by sending an email to nhuvane@marinemoney.com.

Please note that our US offices will be closed the week of December 24th and there will be no new edition of Freshly Minted published. We wish you all a very merry Christmas, a happy and prosperous New Year, and look forward to welcoming you back in 2008.

Golden Bond

On December 7th, Global Ocean Group (“GOGL) announced the successful completion of its $200 million convertible bond offering. We have outlined the major terms in the Guts of the Deal shown herein. As one would expect with a deal backed by John Fredriksen, the deal was oversubscribed and Nordea and ABG Sundal closed the deal during launch day.

This is only an excerpt of The Week in Review 12/20/2007

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