IMSK - New bond issued
(Thomson Reuters ONE) - I.M. Skaugen SE (IMSK) has completed a new bond issue with maturityin July 2011, a total of NOK 500 million (equal to abt. USD 83million).The issue is a floating rate bond with a coupon margin of 6.00% over3 months NIBOR and is unsecured and with other relevant covenantterms similar to our previous bond issues. An application will besent for listing of the bonds on the Oslo Stock Exchange's ABM.The repayment obligation in NOK will be swapped to USD. Averageinterest cost (incl. of margin) for all of our outstanding bondsfinanced now stand at 5,8 % given current USD interest rates.This new bond is part of the company`s proactive efforts to reduceany potential refinancing risk in the bond loan portfolio for 2009and 2010. The company has an ongoing new building program to satisfyits need for more tonnage. We currently have 8 ships to be deliveredand of those 8 we have 6 Multigas carriers that are LNG capable gascarriers that also carry ethylene and LPG. These ships are all underconstruction with Skaugen Marine Construction (SMC) in China. Ourlonger term goal is to build 10 new Multi gas carriers with LNGfeatures and this new facility will be part of this process toenlarge our new building program.Fearnley Fonds ASA acted as manager for the bond issue.I.M. Skaugen SEIf you have any questions, please contact:Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 30/+4791 64 56 08 or by e-mail: bente.flo(at)skaugen.com. This press releaseis also available on the Internet at our website:http://www.skaugen.com.Listed on the Oslo Stock Exchange under the ticker code IMSK, I.M.Skaugen SE (IMS) - is a marine transportation service company engagedin the hassle-free transportation of petrochemical gases LPG and LNG,marine transfer of crude oil and LNG, and the design and constructionof smaller and specialised high quality vessels.We are a fully integrated shipping company that designs, builds,owns, mans and manages our own ships. IMS customers are majorinternational companies in the oil and petrochemical industry, whomwe serve worldwide from our presence in Bahrain, Freeport and Houston(USA), Oslo and Stavanger (Norway), Singapore, Sunderland (UK) andNanjing, Shanghai, Taizhou, Zhangjiagang and Wuhan (China). We alsooperate recruitment and training programmes in St. Petersburg(Russia) and Wuhan (China) for the crewing of vessels.IMS employs approximately 1,700 people and currently operates about35 vessels worldwide. The fleet comprises petrochemical gas and LPGcarriers, Aframax tankers and lightering support vessels, barges andtugs.We have a comprehensive newbuilding programme in China, of whichthree 3,200cbm LPG vessels are delivered and sold; threepurpose-designed combination carriers with LPG/Ethylene/VCM andOrganic chemicals carrying capability; and up to ten advanced10,000-12,000cbm LNG/ LPG/Ethylene gas carriers, with delivery from2009 and onwards. IMS has invested and built up internal resourcesand infrastructure in China to ensure innovative and flexible vesselsat lower cost. During 2008 we also completed our latest fleet renewalprogramme for SPT, with the delivery of six new purpose-designed and-built Aframax tankers on a long-term bareboat charter.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.08.2009 - 09:06 Uhr
Sprache: Deutsch
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