SFL - Proposed Offering of Convertible Bonds due 2016
(Thomson Reuters ONE) -
Press release from Ship Finance International Limited, February 2, 2011
Ship Finance International Limited ("Ship Finance" or the "Company") announces
today that it intends to offer USD 100 million of senior unsecured convertible
bonds (the "Bonds") with a five-year tenor. In addition, the Company will have
an option to increase the amount to USD 125 million.
The Bonds will be convertible into common shares of the Company, and are
expected to have an annual coupon in the range of 3.75% to 4.25% payable semi-
annually in arrears with a conversion premium range of 30% to 35% over the
closing price on the New York Stock Exchange on February 1, 2011; i.e USD 20.04.
The Bonds will be issued and redeemed at 100% of their principal amount and
will, unless previously redeemed, converted or purchased and cancelled, mature
in 2016. Ship Finance will have the right to call the Bonds after three years
and 21 days, if the value of the Ship Finance shares underlying one Bond on the
New York Stock Exchange exceeds, for a specified period of time, 130% of the
principal amount of such Bond.
The Bonds are expected to be settled on or around February 10, 2011. The Bonds
will not be listed on any securities exchange, but Ship Finance may decide to
list the Bonds on an exchange at a later date.
The proceeds from the Bonds will be used for new investments and general
corporate purposes.
ABG Sundal Collier, BNP Paribas and SEB Enskilda are acting as Joint Lead
Managers and Joint Bookrunners.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such an offering, solicitation or sale
would be unlawful. The offering will be made only to non-U.S. persons outside
the United States in accordance with Regulation S promulgated under the
Securities Act of 1933 (the "Securities Act"). The securities to be offered
have not been registered under the Securities Act, or any state securities laws,
and unless so registered, may not be offered or sold except pursuant to an
effective registration statement or an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and applicable
state securities laws.
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Contact Persons:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Eirik Eide, Chief Financial Officer, Ship Finance Management AS
+47 23114006 / +47 95008921
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 71
vessels, including 30 crude oil tankers (VLCC and Suezmax), two chemical
tankers, eight oil/bulk/ore vessels, 12 drybulk carriers including nine
newbuildings, nine container vessels, six offshore supply vessels, one jack-up
drilling rig, one ultra-deepwater drillship and two ultra-deepwater semi-
submersible drilling rigs. The fleet is one of the largest in the world and most
of the vessels are employed on long-term charters.
More information can be found on the Company's website: www.shipfinance.org
Important Notice
NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA,
AUSTRALIA, CANADA OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR
SALES WOULD BE PROHIBITED BY APPLICABLE LAW
This press release is for information purposes only and does not constitute or
form part of, and should not be construed as an offer or an invitation to sell
or issue, or the solicitation of any offer to buy or subscribe for, any
securities. In connection with this transaction there has not been, nor will
there be, any public offering of the Bonds. No prospectus will be prepared in
connection with the offering of the Bonds. The Bonds may not be offered to the
public in any jurisdiction in circumstances which would require Ship Finance to
prepare or register any prospectus or offering document relating to the Bonds in
such jurisdiction. The distribution of this press release and the offer and sale
of the Bonds in certain jurisdictions may be restricted by law. Any persons
reading this press release should inform themselves of and observe any such
restrictions.
This press release is not being issued in or to the United States of America,
Canada, Australia, Japan or in any other jurisdiction in which such distribution
would be prohibited by applicable law. This press release does not constitute or
form part of an offer or solicitation of an offer to purchase or subscribe for
securities in the United States. The Bonds and shares issuable upon conversion
of the Bonds are being offering only to non-U.S. persons outside the United
States in accordance with Regulation S promulgated under the U.S. Securities Act
of 1933, as amended (the "Securities Act"). The Bonds and the shares referred
to herein will not be registered under the United States Securities Act, and may
not be offered or sold in the United States unless registered under the
Securities Act or pursuant to an applicable exemption from registration.
This press release is directed only at persons who (i) are outside the United
Kingdom or (ii) have professional experience in matters relating to investments
who fall within Article 19(5) ("investment professionals") of The Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the
"Order") or (iii) are persons falling, within Article 49(2)(a) to (d) ("high net
worth companies, unincorporated associations etc") of the Order (all such
persons together being referred to as "relevant persons"). This press release is
directed only at relevant persons and must not be acted on or relied on by
persons who are not relevant persons. Any investment or investment activity to
which this press release relates is available only to relevant persons and will
be engaged in only with relevant persons. In addition, if and to the extent that
this press release is communicated in, or the offered securities to which it
relates is made in, any EEA member state that has implemented Directive
2003/71/EC (together with any applicable implementing measures in any member
state, the "Prospectus Directive"), this press release and the offering
described herein are only addressed to and directed at persons in that member
state who are "qualified investors" within the meaning of the Prospectus
Directive (or who are other persons to whom the offer may lawfully be addressed)
and must not be acted on or relied on by other persons in that member state.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ship Finance International Limited via Thomson Reuters ONE
[HUG#1484683]
Unternehmensinformation / Kurzprofil:
Datum: 02.02.2011 - 14:06 Uhr
Sprache: Deutsch
News-ID 50980
Anzahl Zeichen: 8041
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SFL - Proposed Offering of Convertible Bonds due 2016"
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