By Paul A. Harris
Portland, Ore., Aug. 23 - Norway's Stolt-Nielsen Ltd. priced NOK 1 billion of senior notes in three tranches, according to an informed source.
The deal included NOK 500 million of new seven-year notes, which were priced at par to yield three-month Nibor plus 500 basis points. The notes were swapped into dollar-denominated 6.84% seven-year fixed-rate notes.
In addition the company priced a NOK 300 million add-on to its existing three-month Nibor plus 375 bps notes due March 19, 2015 at par. The notes were swapped into dollar-denominated 4.76% fixed-rate notes.
Stolt-Nielsen also priced a NOK 200 million add-on to its existing three-month Nibor plus 475 bps notes due March 19, 2018 at 100.5. These notes were swapped into dollar-denominated 6.28% fixed-rate notes.
DNB Bank ASA, Nordea Markets and Swedbank First Securities are the joint lead managers.
Proceeds will be used to repay debt and for general corporate purposes.
Stolt-Nielsen is a global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The company has headquarters in Oslo and is incorporated in Bermuda.
| Issuer: | Stolt-Nielsen Ltd.
|
| Amount: | NOK 1 billion
|
| Securities: | Krone-denominated floating-rate notes swapped into dollar-denominated fixed-rate notes
|
| Managers: | DNB Bank ASA, Nordea Markets, Swedbank First Securities
|
| Expected settlement date: | Sept. 4
|
| Distribution: | Offered to qualified institutional buyers; includes Rule 144A
|
|
|
| New seven-year notes
|
| Amount: | NOK 500 million
|
| Maturity: | Sept. 4, 2019
|
| Coupon: | Three-month Nibor plus 500 bps (swapped into 6.84% fixed rate)
|
| Price: | Par
|
| Yield: | Three-month Nibor plus 500 bps
|
|
|
| Add-on to the 2015 notes
|
| Amount: | NOK 300 million
|
| Maturity: | March 19, 2015
|
| Coupon: | Three month Nibor plus 375 bps (swapped into 4.76% fixed rate)
|
| Price: | Par
|
| Yield: | Three-month Nibor plus 375 bps
|
|
|
| Add-on to the 2018 notes
|
| Amount: | NOK 200 million
|
| Maturity: | March 19, 2018
|
| Coupon: | Three-month Nibor plus 475 bps (swapped into 6.28% fixed rate)
|
| Price: | 100.5
|
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