By Paul A. Harris
St. Louis, Dec. 11 - Ship Finance International Ltd. sold $580 million of 10-year senior unsecured notes (B2/B) at par to yield 8½% Thursday, a source said.
The notes, which mature Dec. 15, 2013, are callable after five years.
Price talk was 8 3/8%-8 5/8%.
Jefferies & Co. ran the books on the Rule 144A/Regulation S deal. Citigroup was the co-manager.
Proceeds will be used to fund the acquisition of 47 vessels from Frontline and a related refinancing of the vessels' senior secured debt.
The company is an oil tanker shipping business based in Oslo, Norway.
Issuer: Ship Finance International Ltd.
Amount: $580 million
Maturity: Dec. 15, 2013
| Security description: | Senior unsecured notes
|
| Bookrunner: | Jefferies & Co.
|
| Co-manager: | Citigroup
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call features: | Callable on or after Dec. 15, 2008 at 104.250, 102.833, 101.417, par on Dec. 15, 2011 and thereafter
|
| Equity clawback: | Until Dec. 15, 2006 for 35% at 108.50
|
| Settlement date: | Dec. 18, 2003 (T+5)
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Rule 144A Cusip: | 824689AB9
|
| Price talk: | 8 3/8%-8 5/8%
|
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