Stolt-Nielsen sets price talk for multi-tranche, multi-currency notes

By Paul A. Harris

Portland, Ore., June 6 - Stolt-Nielsen Ltd. set price talk for its $200 million to $300 million equivalent offering of non-callable five-year senior notes on Monday, according to a market source.

A dollar-denominated tranche of fixed-rate notes is talked with a 6½% to 6¾% yield.

Meanwhile a Norwegian krone-denominated floating-rate tranche is talked at a 450 basis points to 475 bps spread to three-month Nibor.

The deal is expected to price during the June 6 week.

DnB NOR Markets, Nordea Markets and Swedbank First Securities are the joint lead managers for the private placement, which will be sold to qualified institutional investors in the United States via Rule 144A.

The integrated shipping firm, which has headquarters in London and Rotterdam, plans to use the proceeds for general corporate purposes.

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