B+H Ocean plans $25-$30 million offering of seven-year floaters

By Paul A. Harris

St. Louis, Nov. 27 - B+H Ocean Carrier Ltd. is seeking to place $25 million to $30 million of its three-month Libor plus 400 basis points senior unsecured bond loans due Dec. 12, 2013, according to a company news release.

The notes are expected to settle on Dec. 12.

Pareto Securities ASA has the books for the notes, which are being transacted in a private offshore placement. Nordea Bank Norge ASA is the co-manager.

Proceeds, together with proceeds of possible additional debt, will be used for the acquisition of additional product tankers as well as for the conversion of single-hulled tankers to double-hulled tankers, and future development of the company's shipping business. Proceeds might also be used for the possible repurchase of the company's common shares on the open market.

The note offering is the first tranche of a contemplated $60 million maximum placement.

B+H Ocean Carrier is an Oslo, Norway, shipping firm.

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