By James McCandless
San Antonio, May 25 – International Seaways, Inc. priced a downsized $25 million of $25-par senior notes due 2023 (Caa1/CCC+) with an 8.5% yield, according to an FWP filing with the Securities and Exchange Commission.
The deal was reduced from an expected size of $50 million, and pricing matched talk of 8.5%.
Morgan Stanley & Co. LLC, Jefferies LLC and Stifel are the joint bookrunners.
There is an over-allotment option for a further $3.75 million.
The notes will be callable after two years at par.
International Seaways plans to use the proceeds to fund the acquisition of VLCC tankers from Euronav NV, to repay a portion of its outstanding credit facility and for general corporate purposes.
The company intends to list the notes on the New York Stock Exchange.
International Seaways is a New York City-based oil and petroleum shipping company.
| Issuer: | International Seaways, Inc.
|
| Description: | Notes
|
| Amount: | $25 million
|
| Greenshoe: | $3.75 million
|
| Maturity: | June 30, 2023
|
| Bookrunners: | Morgan Stanley & Co. LLC, Jefferies LLC and Stifel
|
| Co-manager: | B. Riley FBR
|
| Coupon: | 8.5%
|
| Price: | Par of $25
|
| Yield: | 8.5%
|
| Call: | On or after June 30, 2020 at par
|
| Trade date: | May 24
|
| Settlement date: | May 31
|
| Expected ratings: | Moody’s: Caa1
|
| S&P: CCC+
|
| Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
