Songa Bulk Collects USD 75 Mn for Additional Ships

Norwegian shipowner Songa Bulk ASA has completed the issuance of a USD 75 million senior secured bond to finance acquisition of additional dry bulk vessels.

The company said that the bond issue, which has a total borrowing limit of USD 150 million, was oversubscribed and “received strong demand from high quality investors.”

Settlement is expected to be June 13, 2017, with final maturity June 13, 2022. The bond issue has a floating interest rate of 3M LIBOR + 4.50% p.a.

Songa Bulk added that an application will be made for the bonds to be listed on Oslo Børs.

“We are very pleased with the positive response received from bond investors. We are happy that we have been able to raise USD 75 million at a very competitive interest margin of 4.50% p.a., as part of the previously communicated strategy to take on moderate leverage,” Arne Blystad, Chairman of the Board of Directors of Songa, said.

ABG Sundal Collier ASA acted as sole manager in connection with the new bond issue.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >