Stolt-Nielsen to get new $150 million loan by end of July

By Sara Rosenberg

New York, June 29 - Stolt-Nielsen SA expects to close on a proposed $150 million five-year credit facility by the end of July. DnB NOR Bank has fully underwritten the deal.

Security is a pledge of the company's Stolthaven Houston and Stolthaven New Orleans terminal-storage assets, according to a company news release.

Proceeds will be used to prepay an existing $64 million credit facility on Stolthaven Houston, which is scheduled to mature in January 2005, and for general corporate purposes.

"SNSA continues to strengthen its liquidity position," said Niels G. Stolt-Nielsen, chief executive officer, in the release. "The completion of this latest transaction is expected to provide us with sufficient liquidity for the foreseeable future."

Stolt-Nielsen is a London-based provider of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids.

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