USA-based shipping firm Chembulk Tankers has priced USD 200 million in senior secured bonds which will carry a coupon of 8.00% and be due in February 2023.
The net proceeds from the bond offering will be used for refinancing of existing bank debt and general corporate purposes.
In addition, this bond offering contains a tap issuance feature, where Chembulk can expand the issue amount at a future date to a maximum of USD 250 million, subject to standard issuance tests.
“This successful offering is a notable milestone as we constantly work to maintain Chembulk’s reputation for safe and efficient product deliveries to our customers and will facilitate the renewal and growth of our fleet,” Dave Ellis, Chembulk CEO, said.
DNB Markets acted as bookrunner in connection with the placement of the new bond issue, and KKR Capital Markets acted as financial advisor.
The company informed that an application will be made for the bonds to be listed on Oslo Børs.