The Week in Review – December 13, 2007

It’s been a particularly interesting week in the ship finance markets. In the public debt markets Golden Ocean announced a $200 million convertible with ABG Sundal Collier and Nordea and Eimskip announcing a $545 million debt issue and $145 million loan. Tallink also announced a new $212 million loan with Danske Bank while National Chemical Carrier announced a new $392 million Shariah compliant debt facility with Samba Financial Group to fund 10 chemical tanker newbuildings, the largest Saudi shipping deal ever done with a single bank. Trailer Bridge hired Jefferies to explore strategic alternatives for the sale of founding family members’ 47.8% stake, worth nearly $70 million, and having already acquired Oceania Cruises and a 50% stake in NCL, PE fund Apollo further committed to the cruise sector with the $367 million acquisition of Regent Seven Seas Cruises from Carlson Companies.

The US equity markets this week, despite generally rough conditions, welcomed Teekay Tankers with a top-range price of $19.50 per share; the deal traded up over $20 before market close. The positive reception was a testament to the relationship Teekay’s management has built up with US investors as well as the success of Teekay’s financial engineering.

This is only an excerpt of The Week in Review – December 13, 2007

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