Stolt-Nielsen's $600 million revolving credit facility oversubscribed

By Sara Rosenberg

New York, Nov. 3 - Stolt-Nielsen Ltd. has received commitments for a $600 million senior secured revolving credit facility due January 2018 from nine banks, according to a news release.

The deal was oversubscribed.

Security is ships in the company's fleet.

Proceeds will be used to refinance the company's two existing revolvers due in July 2012 and January 2013.

Closing is expected to take place in January.

"This revolver, in combination with our $300 million unsecured bond issue in June 2011, provides us with the liquidity needed for our committed capital expenditures in 2012 and beyond. Given the challenging conditions in global credit markets at the moment, we are very pleased with the completion of this significant transaction, which underscores both the strength of our balance sheet and the stability of our business portfolio," said Jan Chr. Engelhardtsen, chief financial officer, in the release.

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

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