Seven and Seven plans $125.25 million offering of five-year floaters

By Aleesia Forni

Virginia Beach, July 8 – Seven and Seven Ltd. is planning to price $125.25 million of floating-rate notes due 2019, according to a 6-K filing with the Securities and Exchange Commission.

Proceeds from the sale will be used to fund a portion of loans made to a group of 18 borrowers under a $429.6 million term loan facility agreement with Scorpio Tankers, Inc.

The Export-Import Bank of Korea will guarantee the notes, which are being issued in connection with Scorpio’s credit facility.

The notes will be issued via Rule 144A and Regulation S.

Seven and Seven is an exempted company incorporated with limited liability under the laws of the Cayman Islands. Monaco-based Scorpio is an oil tanker business.

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