Tanker operator Primorsk International Shipping (PISL) has issued a 4-year bond loan denominated in Norwegian Kroner. The bond totals NKr300m (US$49m) with a borrowing limit of NKr1bn, and offers a coupon rate of 3 months NIBOR +3.60% p.a.
In a statement the company says: “The NKr denominated bonds were launched on February 8, 2007, at an investor presentation in Oslo. The bonds were well received in the market and PISL decided to close the book last week. The proceeds will be used for general corporate purposes, including part-funding of the newbuilding program.” The company’s fleet rejuvenation plan has seen the disposal of old tonnage smaller than the MR vessels and the ordering of 15 X MR, LR, aframax and suezmax high specification winterised ice class newbuildings. The company says the focus for the newbuildings will be long-term contract employment in the developing crude and product export business out of Russia.
In a statement the company says: “The NKr denominated bonds were launched on February 8, 2007, at an investor presentation in Oslo. The bonds were well received in the market and PISL decided to close the book last week. The proceeds will be used for general corporate purposes, including part-funding of the newbuilding program.” The company’s fleet rejuvenation plan has seen the disposal of old tonnage smaller than the MR vessels and the ordering of 15 X MR, LR, aframax and suezmax high specification winterised ice class newbuildings. The company says the focus for the newbuildings will be long-term contract employment in the developing crude and product export business out of Russia.